Our insurance products
We have a range of insurance products provided free as part of your SGCU benefits available to make sure you feel supported when things don’t go to plan. We’ve got your back.
Credit Union Insurance
Loan protection insurance Eligibility
Every borrowing member is eligible for Loan Protection Insurance if they are:
- Actively engaged in the usual duties of his/her livelihood on the date they receive the loan.
- Able to provide a declaration of health form, if required
- Not working, that they are in good health and capable of performing the usual duties of their livelihood on that date.
Total and permanent disability from any employment, once medically determined, is included. Loan protection insurance cover ceases at age 80 and therefore the entire loan balance must be repaid before the 80th birthday. Withdrawals can affect Life Savings Cover and any withdrawals are considered as last in deposits.
Life savings Insurance Eligibility
Savings lodged on or after the member's 70th birthday is not covered by insurance. Members pay no individual charge.
- Joined the credit union before your 70th birthday
- A minimum balance in their Ordinary Share Account of £5.00
- When you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health.
Please note that Slieve Gullion Credit Union Limited can only pay out up to a maximum of £20,000 to the nominated person/s. Any amounts above £20,000 (including insurance) will form part of your estate and will require letters of probate from your solicitors.
In certain circumstances, a Declaration of Health Form may be required.
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Death benefit insurance Eligibility
Every borrowing member is eligible for Loan Protection Insurance if they are:
- Joined the credit union before your 70th birthday
- A minimum balance in their Ordinary Share Account of £5.00
- A member joining the credit union after age 70 years will not be eligible for cover.
- Be or have been eligible for coverage under the Life Savings contract and have remained a member of the credit union.
Total and permanent disability from any employment, once medically determined, is included. Loan protection insurance cover ceases at age 80 and therefore the entire loan balance must be repaid before the 80th birthday. Withdrawals can affect Life Savings Cover and any withdrawals are considered as last in deposits.
