We insure the first £5,000 of each member’s loan.
The policy is provided by CUNA Mutual Insurance which provides insurance services to 95% of credit unions around the world.
In the event of a member’s death before their 70th birthday, the CUNA Mutual would pay off the remaining balance of the loan, up to a maximum £5,000, provided that the member had been keeping up regular repayments.
The insurance policy includes a pre-existing medical condition clause, which may exclude a member who died within 6 months of receiving a loan.
In our standard terms and conditions, we reserve the right to use the member’s savings and Life Savings Insurance benefits to repay any part of a loan which is not covered by this policy.
