Credit Union Info

Insurance

The hidden benefit

All members of the Credit Union are covered by life insurance on both their savings and loan balances. This is an important benefit that is often overlooked by members. The policy is paid by the Credit Union, not the member, and is intended to give members extra piece of mind.

Life Savings Insurance

Every £1 deposited with the Credit Union by a member carries £1 of life insurance cover.

This means that should a member of the Credit Union die with £1,000 in their shares, their next of kin would receive £1,000 shares plus £1,000 from the Life Insurance policy (subject to age).

Loan Protection Insurance

Loan Protection Insurance is the insurance cover a Credit Union provides on the lives of its borrowing members (subject to age). Should an insured borrower die or become totally and permanently disabled then the insurance cover provides that the loan is paid off in full. If a Credit Union member, who is eligible for insurance cover dies with a loan outstanding, the loan balance is paid in full by the insurance company. This ensures that the debt dies with the debtor and that the next of kin are not burdened with an outstanding loan. For further details of the free insurance provided by your Credit Union please contact us.

Our insurance services are offered in conjunction with the CUNA Mutual group. The CUNA group has a long history of working with Credit Unions throughout the world.
"../news/news.php" Credit Union also provides a Family Protection Plan for its members.
Contact us for further details.