The Credit Union insures members' savings and loans at no extra cost to members.
The Insurance policy is based on your age when you put the money into your savings. As long as you have not withdrawn the money since your 80th Birthday, the insurance will pay a sum to your next of kin if you die while you are a member.
Loans for all members up to the age of 70 are insured so that if you die before your loan has been repaid, your loan will be cleared in full. Certain exclusions apply - if you have a pre-existing medical condition your loan will be insured after 6 months.
Did you know that the average funeral in the UK cost £4500? Could you find this amount of money if the worst was to happen? Worse still, could your family lay their hands on this money if something were going to happen to you?
One of the greatest stresses a family can suffer is the loss of a loved one.
As your Credit Union, we understand the financial hardship that can result from the unexpected loss of a loved one and that's why we can offer you a Family protection Plan to help ease the burden of a funeral.
The Family Protection Plan has been designed exclusively for Credit Union members by CUNA Mutual Life Assurance ( Europe ) Ltd, the main insurance provider for Credit Unions worlwide. As a Credit Union member, you can protect yourself and up to five (5) of your family under one policy. The cash benefit paid by the policy provides an immediate financial support when your family is most in need. The best part is that there are no restrictions on how to use the cash benefit.
The plan's major benefits include:
For more information and details contact us today