Non-Contributory Life Insurance
Loan protection and life savings insurance are provided free of charge to members. The Credit Union makes monthly contributions to our insurers to protect your savings and loan balance in the event of death.
However there are six months pre-existing medical conditions on this insurance and you will be informed of this at the loan interview stage.
Important- Please read and understand the health declaration on your loan agreement before you sign.
On the death of a member all savings made before the age of 65 are doubled, members aged 65-79 receive 25% of their savings value- both age groups are subject to the six months pre-condition on the insurance.
On the death of a member all loans before the age of 80 are cleared subject to our insurerís 6 months pre-condition limitations. If your loan is not covered under these conditions, the Credit Union can use your share balance to clear any loan amounts.