Our Insurance Products

Provided a member joins before their 70th birthday, are fit and in good health upon joining and maintain a minimum of £100 in their regular share account at all times, they will qualify for the following insurance products:

Loan Protection Insurance

All loans are covered in the event of death up to the age of 85 (Terms & Conditions Apply). When a member is over 85 years of age and has a loan balance, any outstanding loan balance at the date of death will be deducted from the share balance held by the member.

This is a Free to Member Insurance Policy, provided the member joined before 70 years of age. ( And in Good Health).

Life Savings Insurance

CCU Limited provides free Life Savings Insurance for its eligible members as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings was lodged and not the age on death.

The first £15,000 of eligible members’ savings is insured as follows:

• Age Savings Insurance Cover
• Under 55 Every £1.00 provides £1.00 of insurance
• 55-59 Every £1.00 provides 75p of insurance
• 60-64 Every £1.00 provides 50p of insurance
• 65-69 Every £1.00 provides 25p of insurance
• Shares saved up to 70 years of age while left in the credit union provide cover to any age. Savings lodged on or after 70th birthday are not covered by insurance

Below is an example of the insurance that will be paid to a member of CCU in the event of their death provided they do not withdraw any shares:

• Age / Amount of Shares Insurance Total
• £100 saved under 55 + £100 + £200
• £100 saved between 55 - 59 + £75 + £175
• £100 saved between 60 - 64 + £50 + £150
• £100 saved between 65 -70 + £25 + £125

Total Payable £650

It is important that each member complete a Nomination/Beneficiary form indicating who is eligible to receive the funds held in the members account in the event of their death.

Death Benefit Insurance

This benefit is designed to relieve the burden of bereavement costs.

£2,000 can be offered to the person arranging the funeral when a Death Certificate is presented at the Credit Union Office.

This is a "Free" to Member Insurance Product - (T&C's) Providing the member joins before their 70th Birthday and is in good health and the member has maintained a minimum share balance of £100 for entitlement to Death Benefit Insurance.

We offer many services aimed at improving access to financial services and encouraging financial inclusion.