Insurance
Non-Contributory Life Insurance
One of the major benefits of credit union membership is that loan protection and life savings insurance are provided free of charge to members over the age of 16 and under 80.
Life Savings
In the event of a member’s death, all savings made before the age of 65 are doubled and will be paid to members’ nominated beneficiary (e.g. £100 shares and £100 savings; £400 will be paid). All deposits made before the age of 65 will benefit from this cover no matter what the age of death.
For deposits made between the age of 65 – 79, members’ nominated beneficiary will receive 1.25 times their savings (e.g. £100 shares and £100 savings; £250 will be paid).
Please note that this insurance is subject to a six months pre-existing condition limitation. Maximum level of cover is £10,000. Terms and conditions apply, please contact the office for more information.
Loan Protection
All members receive free loan protection up to 80 years of age. In the event of death, loans are paid in full subject to our insurer’s 6 months pre-condition limitation (excludes arrears – conditions apply).
