Loan Protection Insurance
Loan Protection Insurance is provided to members at no direct cost to them. This product clears your outstanding loan balance in the event of death subject to policy conditions. In the event of your death, E.C.C.U. (the credit union insurance company) will clear your loan balance — it will not have to be paid off from your savings or by your family!
|Insurance Cover on Savings||Savings||Insurance Cover|
|Age under 55||Every £1 provides||£1 of Insurance|
|55 -59||Every £1||provides 75p|
|60 – 64||Every £1||provides 50p|
|65 – 69||Every £1||provides 25p|
Savings lodged after 70th birthday are not covered by insurance
|£100 SAVE UNDER||55||+£100||+£200|
|£100 SAVED UNDER||55-59||+£75||+£175|
|£100 SAVED UNDER||60-65||+£50||+£150|
|£100 SAVED UNDER||66-70||+£25||+£125|
This product covers your outstanding loan balance in the event of death (subject to policy conditions)
Every borrowing member is eligible for Loan Protection Insurance if they are:
- actively engaged in the usual duties of his/her livelihood on the date they receive
the loan, or
- if not working, that they are in good health and capable of performing the usual duties
of their livelihood on that date.
Insurance cover on loans ceases at age 80. Members pay no individual charge.