Life Savings Insurance

Life savings Insurance is life insurance cover provided by Credit Unions to all eligible members. With life savings insurance, a benefit is calculated and added to a member’s total assets with Credit Union upon that member’s death. The amount they receive will depend on the age and savings history in the credit union. There is no direct cost to the member as the life savings premium is borne as an operational expense by the credit union

Who is eligible for Life Savings Insurance?

Members who joined the Credit Union before their 70th birthday;

Members actively at work, or if not working are in good health;

Members who remain a member of the Credit Union.

Life savings insurance cover applies to share balances up to a member’s 70th birthday. Lodgements received after this date are not insured, though and withdrawals may reduce the value of the claim.

Life Savings – Insurable Share Balance

Loan Protection Insurance

Loan protection insurance covers the loan balance of all eligible members in the event of their death or permanent disability. Should a member with an outstanding loan balance die the balance is repaid in full subject to certain cover limits which may apply. Loan protection insurance is provided to eligible members of the Credit Union at no direct cost to the member.

Who is eligible for Loan Protection?

Members aged between 16 and 84;

Members in paid employment and actively at work;

Members not working but are in good health;

Members who joined the Credit Union before their 70th birthday.

Death Benefit Insurance

Death benefit insurance is insurance credit unions provide to their members to lighten the financial burden of bereavement. It provides for a lump sum payment of £1,500 towards funeral expenses.

Death Benefit Insurance is provided to eligible members of the Credit Union at no direct cost to the member provided the member maintains a minimum of £100 in savings.

Who is eligible for Death Benefit Insurance?

Members must be over the age of 16 years and before their 70th birthday;

Members who were in good health at the time of joining;

Members who remain a member of the Credit Union.