Loan Protection Insurance
Loan Protection Insurance is the insurance cover the Credit Union provides on the loans of its borrowing members. Should an insured borrower die, the insurance cover provides that the loan is repaid in full*.
Life Savings Protection Insurance
Life Savings Protection Insurance is the insurance cover the Credit Union provides on the savings of its members. Should a member die their savings will be matched up to a maximum of £5,000*.
Before the age of 65 you automatically get £1 free life insurance for every 1 share you have up to £5,000. So, if you save £200 you will have £200 extra free life insurance. If you die, the amount paid out would be £400; that’s your £200 saved plus £200 life insurance.
Any shares bought after age 65 the life insurance reduces to 25p per £1 share, and any shares bought from the age of 80 onwards you do not receive any free life insurance.
*Subject to terms and conditions. Cover limits and certain restrictions apply based on savings.
