insurance on loans

Newry Credit Union offers its Members free life insurance on loans. This is available to any Member who is actively in work or is in good health when the loan is granted. All loans must be paid in full before the Member’s 80 th birthday.

  death benefit insurance

Death Benefit Insurance is available to anyone who is in good health and who joins Newry Credit Union in advance of their 70 th birthday.

The vast majority of our Members avail of this insurance scheme and we strongly encourage new Members to sign up.

What is DBI?

DBI provides £1,500 of insurance cover to a Member’s next of kin in the event of their death. The annual premium for the insurance is £8.31.

Provided you have £200 in your account for a full year, you will generate enough dividend for the £8.31 to be automatically deducted from your account following the AGM.

What if my dividend won’t cover the £8.31?

If you wish to be part of the DBI scheme, but know that you won’t don’t have enough dividend to cover the premium, make sure that you call into the office and pay the premium over the counter by end of November at the latest. We do however strongly recommend that Members maintain a minimum of £200 in their savings.

I don’t want to be part of the scheme – what do I do?

The reason we encourage Members to be part if the scheme is that we have seen first hand how it has helped many local families. However, if you don’t want to avail of the DBI, notify us in writing and we will ensure that no premium is deducted from your account.