Loan Protection Insurance

Loan Protection provides valuable protection for eligible members that borrow from their credit union. It is designed to repay the remaining loan balance owed by a member to their credit union, upon their death.

When you apply to your credit union for a loan, your credit union will check your eligibility for Loan Protection and will provide you with further details of the terms and conditions of this service. You may be required to make declarations in relation to your health, depending on the amount being borrowed and your age. This service comes at no additional cost to members.

For more information on Loan Protection service provided by your credit union, talk to a member of staff today.

Life Savings Insurance 

Life Savings Insurance is a life cover which we provide to all eligible members as an additional incentive to save regularly and maintain savings. The benefit payable is in proportion to the amount of savings a member had made during their membership, prior to age 70. Monaghan Credit Union insures savings of up to €5,000 per member.

Following the death of a member, insurance is added to the account at ages 55, 60, 65 and 70.

Withdrawals during this time will affect the life cover. Insurances on savings ends at age 70.

Who is eligible?

You are eligible for insurance cover if you are under the age of 70 at the time you join the credit union.

The insurance benefit payable will be in proportion to the amount of savings that a member has lodged during their membership.

Death Benefit Insurance (DBI) 

DBI cover of up to €1000 has been introduced by Monaghan Credit Union on 1st January 2024.

This must be used to pay the undertaker for your funeral expenses following your death. All eligible members must have €100 in their savings and have joined Monaghan Credit Union before the age of 70.

On a Joint Account, DBI only covers the first member named on the account. 

AXA Insurance

AXA have great deals on Home and Car Insurance for members of Monaghan Credit Union. As a member of Monaghan Credit Union, you can avail of a discount on your premium from AXA Insurance.  Indicate that you are a member when you are signing up with these providers.

You can find out more information on these schemes when you contact them on 0818 336 339.