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 65th birthday, their nominated beneficiary would receive their savings, plus a matching amount from CUNA Mutual, up to a maximum £5,000.
If a member on or after their 65th birthday, but before their 80th birthday, their nominated beneficiary would receive the member’s savings, and the amount from CUNA Mutual would be a quarter (25%) of that, up to a maximum £1,250.
In our standard terms and conditions, these insurance payments are part of the security on our loans. We reserve the right to use them to repay all or part of a loan which is not covered by our Loan Protection Insurance Policy.