Credit union loan insurance

O

Open air

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Back in 2009 my wife became very ill.We ran into payment difficulties with mortgage credit union and car loan.At the time me and my wife had seperate credit union loans,i asked the credit union could both these loans be amalgamated along with a car loan.The credit union agreed,they transferred my wifes loan to me (without her signing anything).Alas the wheel's still fell off as my wifes sickness never improved and we still fell into arrears.I was informed last week by a family friend that maybe there should of been a disability insurance that should of covered my wifes loan and it should of been written off and never transferred to me,,any opinions?
 
I have never heard of credit unions providing disability insurance. Ask your credit union if they provided it at the time.

They do provide life insurance on all loans. In the case of a short term terminal illness, it would not be a good idea to pay off a loan earlier.

By the way, the Credit Union would not need a signature from your wife for you to pay off her loan. They would need yours to take out the loan.

Brendan
 
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If you look on the irish league of credit unions page it mentions it brendan,under loan insurance.I googled several around the country and a good few have it built in to their policies
 
I stand corrected

  • Many credit unions extend cover to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit described above will be paid.

  • The total and permanent disability must be medically determined.

  • The total and permanent disability must commence before the 60th birthday (credit unions have the option to increase this to the 65th birthday with effect from 1st July 2010).
However, my advice remains the same: Ask your credit union if they provided it at the time.

Brendan
 
just to clarify the disability claim must be supported by medical opinion that you will be unable to return to ANY kind of work not just your previous occupation for such a claim to succeed.
 
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