Payment Protection Insurance (PPI)

Taking out a loan? Protect it!

Whether you’re borrowing money for a holiday, a new car or home improvements, 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.

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


Who is eligible?

You are eligible for cover as long as at the commencement date:

  • You applied and were accepted for this insurance.
  • You are 18 or over, and under 70 years of age, during the term of the loan.
  • You are working and do not know that any Accident/Sickness or Involuntary Unemployment is likely to happen to you.
  • You are employed for at least the previous 6 months at the date of signing your loan.
  • You agree to pay the premium. You are a current member of a credit union You are a resident of Ireland or the UK; and
  • You are the person named on the loan.


What is the Bread Winner Clause?

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 nominated as the policyholder and will be eligible for benefits under the policy in the event of a claim.

Exclusions*:

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

  • Pre-Existing Conditions present in the 12 months before cover starts Pregnancy related conditions.
  • Self inflicted injuries.
  • Alcohol/Drugs related conditions.
  • If the member was not in full time employment for 6 months before the redundancy occurred Voluntary redundancy.
  • Temporary Lay-off.
  • Ending of a fixed term contract


* For a complete list of eligibility and exclusions, refer to the policy booklet.

This policy is arranged by the Credit Union in it’s capacity as an agent of CUNA Mutual Group Services (Ireland) Limited. The policy is underwritten by Financial Insurance Company Limited, trading as Genworth Financial.