Eligible members’ savings are insured through Life Savings and Loan Protection insurances (subject to certain conditions) in the event of death.
Credit unions provide Life Savings and Loan Protection insurance cover to their members at no extra cost to those members.
Life Savings Insurance
Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
- All credit union members are eligible for this insurance.
- The insurance benefit payable will be a proportion of the deceased members closing savings balance.
- The size of the payment also depends on the age of the member at date of death and will decrease as the member gets older.
Loan Protection Insurance
Many choose to take out insurance to cover outstanding loans in case of death or permanent disability. In your credit union the loan balances of all eligible members are automatically covered, (up to certain limits), at no direct cost to the member.