ITS FREE.... YES THAT RIGHT... IT DOESN'T COST YOU A PENNY!!
Credit Unions insure your Life Savings and Loan Protection: which is underwritten by Sterling Life Limited. This means that should the unthinkable happen, your nominated beneficiary will receive your savings PLUS the insured amount up to a maximum of £10000 and any outstanding loan balance is paid off, meaning that you don't need to worry about passing debt on to your next of kin. (terms & conditions apply, see details below)
When joining the Credit Union members are asked to name a beneficiary or charity of their choice. You can name more than one and can change your beneficiary at any time by completing the Change of Details form.
Life Savings (LS) Insurance (click for further details)
Insurance is based on the member's "Age at Deposit". (See table below) and any withdrawals of savings from your account may reduce the amount of insurance cover.
When does Life Savings Insurance Not Apply?
Any new deposits are subject to a six month Pre-existing Condition Limitation. This means that should you die from a pre-existing medical condition, any deposits made in the last six months are not covered. Life Savings does not cover death due to Suicide (within 6 months of the date of deposit), Terrorism or War.
Current Benefits are:
|16yrs - 64yrs||100% (for every £1.00 saved, £1.00 of insurance is earned)|
|65yrs - 79yrs||25% (for every £1.00 saved, 0.25p of insurance is earned)|
|80 years and over||Deposits made on or after your 80th birthday do not qualify for insurance|
Loan Protection (LP) Insurance (click for further details)
This is a unique benefit to Credit Union members and would cost extra with most other institutions.
Your Credit Union loan is also insured automatically at no extra cost. The loan could be completely cleared in the event of the member's death. The policy ensures that any debt will die with the debtor and no burden will pass on to their loved ones, up to a maximum of £10000. The insurance covers loans taken out between the ages of 18yrs - 79yrs (terms and conditions apply)
When does loan Protection Not Apply?
Any new loan agreements are subject to a six month "Pre-existing Condition Limitation". this means that should you die as a result of a pre-existing medical condition within 6 months of taking out your loan (for which medical advice, consultation or treatment was received), loan Protection Insurance will not be applied.
Loan Protection Insurance does not cover death due to Suicide (within 6 months of the loan date), terrorism or war.
If you have any questions regarding the life or loan insurance, or if you simply want to get further information on what is covered - please contact us direct by using the Contact Us page above