Repayment Protection Insurance

Repayment Protection Insurance is a policy which meets your loan repayments for a specified period of time if you are out of work for any of a number of reasons. Members can avail of Repayment Protection Insurance if they are between the ages of 18 and 70 years and the member or spouse/partner is in full time employment (working 18 hours or more a week). RPI is offered as an optional benefit on loans and is priced competitively. The cost to the member depends on the amount borrowed and the term of the loan.
RPI on €3,000  over 2Yr  costs €2.17 extra per week
RPI on €3,000  over 3Yr  costs €1.83 extra per week
RPI on €5,000  over 2Yr  costs €3.62 extra per week
RPI on €5,000  over 3Yr  costs €3.04 extra per week
RPI on €5,000  over 4Yr  costs €2.68 extra per week
RPI on €10,000  over 5Yr  costs €5.03 extra per week
St Colman’s (Claremorris) Credit Union strongly recommends that members give serious consideration to availing of this beneficial insurance on all loans.
Why choose Repayment Protection Insurance?

• Accidents Occur
• Illness can strike you down
• Redundancy can seriously affect your income

What is RPI?
Repayment Protection Insurance is a policy which meets your loan repayments for a specified period of time if you are out of work for any of a number of reasons.

•  If you are a Private employee, you can claim for accident, sickness or redundancy
•  If you are a State/Self-Employed, you can claim for accident, sickness or critical illness
•  Who is eligible?
•  Members between the ages of 18 and 70
•  Members (or their spouse/partner) who are in full-time employment (working 18 hours or more per week)
•  Can I insure my existing loan?

Yes! Simply top up your loan for the premium amount
How much does it cost?
For €1.08 extra a week you can insure a loan of €2,000 over 2 years. The total cost, with RPI, is €22.47 a week. See the table above for more examples.
What is the Breadwinner Clause?
This unique feature allows the unsalaried member attach the insurance cover to their earning spouse. If the member’s earning spouse is unable to work due to any of the insured events, the member’s loan repayments will be met by the insurance cover.