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Services Payment Protection Insurance

Payment Protection Insurance

Taking out a loan? Protect it!

Whether you’re borrowing money for home improvements, a change of car or a family occasion, obtaining a loan can involve a long-term financial commitment. How will you manage to keep up your loan repayments if you have an accident, illness or find yourself unemployed?

By covering the loan with Payment Protection Insurance, you can be free from the worry of repaying it if you were to suffer an illness, accident or become unemployed*.

*Terms and conditions apply.

Why choose Payment Protection Insurance?

  • Protects your ability to repay your loan - no need to take money from your savings
  • Protects you and your family from unforeseen financial hardships
  • Reduces the worry associated with taking out a loan

If you become unemployed or have an accident or an illness leaving you unable to work for at least 30 days, your loan repayments will be made until you return to work. Accident and Sickness benefit is subject to a maximum of 24 months and Unemployment benefit is subject to a maximum of 12 months.

Who is eligible?

You can avail of this protection if:

  • You are 18 or over and under 70 years old, during the term of the loan
  • You are working at least 18 hours per week and have done so for at least the last 6 months (excluding seasonal and temporary work)
  • You are a member of and the first named borrower on a loan agreement with the Credit Union.

If the member named on the agreement is not working at the start date but their spouse/partner fulfils the eligibility criteria, then the spouse/partner shall be eligible for cover.

How much does Payment Protection Insurance cost?

The cost is 7.99% of your loan repayment amount.


As with all insurance contracts, there are situations where the insurance company is unable to make payments. Here is a listing of some exclusions.

  • Pre-Existing Conditions unless at the time of claim the insured member has not had any symptoms or consulted a doctor for that condition during the previous 24 months
  • Self-inflicted injuries
  • Alcohol/Drugs related conditions
  • Elective or cosmetic surgery
  • If the insured member was not in full time employment for 6 months before unemployment occurs
  • Voluntary redundancy
  • Unemployment due to mis-conduct
  • Ending of a fixed term contract

** For a complete list of eligibility and exclusions please refer to the Credit Union’s group policy document.

The group Payment Protection Insurance policy is arranged by CUNA Mutual Group Services (Ireland) Limited, a company regulated by the Central Bank of Ireland.

The group policy is underwritten by Sterling Insurance Group Limited, a company authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

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