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Services Loan Protection Insurance

Free Loan Protection Insurance for Synergy Credit Union Members

What is Loan Protection Insurance?

In Synergy Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service. You can take out a credit union loan in the full confidence that your dependants will not have to pay it off should you die or (under most contracts) total and permanent disability for any occupation.

Age Limits:

Under the basic policy, insurance cover ceases on the member’s 70th birthday. However,Synergy Credit Union has the “Over 70 Rider” which extends the cover until the members 85th Birthday. Members over 16 years of age who were not eligible for insurance cover (because they were in ill health at the time a loan was granted to them) can be insured up to an amount of €4,000 in respect of disability and €8000 in the event of death regardless of their health status at loan application time.

Insured Member:

In respect of a Joint Account both members shall be insured as long as both members sign the Credit Agreement. If you are borrowing from Synergy Credit Union using your Joint Account it is worth noting that both members are covered if and only if both sign the Credit Agreement. Cover will not apply until the loan is paid to the member and an actual indebtedness created, at which time for each loan, the conditions for eligibility shall apply. To be insured members must meet certain insurance company requirements.

Disability:

Disability under the loan protection policy is defined as a condition of health, which renders the member totally and permanently unable to engage in any occupation. Disability must be medically determined. The insurer reserves the right to request the member to attend an independent medical examination. Disability cover ceases at age 65. Once a disability claim has been paid, the insurer’s liability for any future claims on behalf of that member in that or any other Credit Union is terminated, unless the member completes a declaration of health form on each occasion a loan is applied for and submits it for approval. If approved, the member will have cover for all illness and injuries except that for which disability benefit was paid.

Loans to clubs or societies are not insurable.

The provision of free insurance on loans makes the Credit Union keenly competitive compared to other lending agencies and contributes in a significant way to the peace of mind of its members.

Note: Terms and Conditions Apply

Contact Us
  • Synergy Credit Union
  • Tel: 1800 272927
  • Fax: 025 32503
  • Email:
  • Address: 27/29 Patrick Street, Fermoy, Co Cork
Opening Hours
Fermoy Branch
  • mon
  • tue
  • wed
  • thu
  • fri
  • sat
  • 10:00am - 4:00pm
  • 10:00am - 4:00pm
  • 10:00am - 4:00pm
  • 09:30am - 4:00pm
  • 09:30am - 4:00pm
  • 09:30am - 1:30pm
Watergrasshill Branch
  • tue
  • fri
  • sat
  • 10:00am - 2:00pm
  • 10:00am - 4:00pm
  • 09:30am - 12:00pm
*closed for lunch 12:30 - 1:30pm
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Synergy Credit Union Ltd is Regulated by the Central Bank of Ireland. Reg No. 126 CU