Insurance

We insure both members’ savings and loans at no cost to our members. Savings are insured up to £5,000.00 and loans are insured up to £10,000.00.
This gives members peace of mind, that should anything happen to them, their loved ones will not be burdened with any Credit Union debt.
Depending on how much the member has in their savings account, beneficiaries will receive at least:

  • all of the savings
  • [plus] the amount members had saved by the age of 65
  • [plus] 0.25x the amount saved between 65 and 80 years

We provide insurance free of charge to our members, protecting savings and loans.
On joining, members name a beneficiary. Should the member die, the beneficiary receives any savings in the account, plus an extra amount determined by the member’s age.

If the member was less than 65, the beneficiary would receive double the savings  and outstanding loans would be paid off.*

If the member was older than 65, the beneficiary would receive all of the savings plus the amount the member had saved by the age of 65, plus 0.25 on any savings paid between 65 & 80. Outstanding loans would be paid off.*

Any member 80+ is not insured and any loans must have a guarantor.

*Please note that this insurance is subject to a six months pre-existing condition limitation.