CREDIT UNION LOAN PROTECTION AND LIFE SAVINGS BENEFIT

 

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CREDIT UNION LOAN PROTECTION AND LIFE SAVINGS BENEFIT

LOANS

The credit union pays an insurance premium on the total of all members’ loans with the credit union up to their 70th birthday, there is no charge to members for this Loan Protection Benefit. No benefit is payable on loans where the age at death is 70 or over.

 

Normal terms and conditions are applied by the insurer including the situation of a pre-existing ailment or suicide. The credit union will make a claim and normally expect that the loan is covered by the insurance therefore avoiding a liability for the family or the estate.

 

SHARES

The credit union pays an insurance premium on the total of all members’ shares with the credit union up to 65th birthday, this is for a benefit of £ for £ up to £10,000, there is no charge to members for this Life Savings Protection Benefit.  No benefit is payable where the age at death is 65 or over.

 

In the event of a members death, the credit union will make a claim, and subject to the terms and conditions, would normally expect a members shares to be matched £ for £ up to a maximum of 10,000

 

Share deposits made within 6 months preceding the date of death may not be matched as normal terms and conditions are applied by the insurer including the situation of a pre-existing ailment or suicide.

 

Any payment due would be made either to the next of kin as nominated by the member to the extent to which the law permits or paid to a Legal Will beneficiary, or to an Executor to execute.

 

 

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