Insurance

The following insurance is provided free to members, subject to acceptance by the insurer, and the age restrictions detailed below. This is a worthwhile benefit for which many other financial institutions charge a fee.

The insurances are with CUNA Mutual Insurance Society, a special insurance company for Credit Unions worldwide. All its products are designed to be simple, fair and support the Credit Union principles.

Life Savings

Free cover for members aged 16 to 80 years of age.

The benefit is paid out on the savings deposit held by the member as follows:

Age at death 16 to 65 - 100%, up to a maximum of £1,750
Age at death 66 to 80 - 25%, up to a maximum of £1,750

So if a member who had £800 savings died at 64 their dependents would receive the £800 savings plus 100% life insurance of £800, making a total of £1,600. If the member died at 75 their dependents would receive the £800 savings plus 25% Life insurance of £200, making a total of £1,000. If a member who had £2000 savings died at 64 their dependents would receive the £2,000 plus the maximum insurance level of £1,750, making a total of £3,750.

Loan Protection

Free cover for members aged 18 to 70 years of age.

The benefit is paid out to cover 100% of the outstanding loan, to a current maximum of £2,500. If a member, aged between 18 and 70 died the outstanding loan they had would be written off, or the first £2,500 pounds of the loan if it was above £2,500, and their dependents would not have this liability.