Insurance

Merthyr Tydfil Borough Credit Union Ltd.

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Product Summary

Life Savings (LS) Insurance

Credit Union savings provide insurance benefit at no cost to the member. For each £1 saved, £1 of insurance is earned (maximum level of cover - £10,000), this is a unique incentive to encourage savings. The free life insurance policy covers member’s savings, up to a maximum limit of £10,000 deposited up to age 65*. This cover is provided until death as long as savings are not withdrawn.

*Terms and conditions apply, please contact the office for more information.

Deposits made after the age of 65 up to 79 are increased by 25%, that is for every £1 saved, £0.25 of insurance is earned. Withdrawals made after the age of 65 are not covered and therefore deducted from the closing balance at age 65 to calculate the payable insurance benefit upon death.

Loan Protection (LP) Insurance

Your Credit Union loan is also insured automatically at no extra cost. The loan would be completely cleared in the event of the member’s death*. This policy ensures that any debt will die with the debtor and no burden will pass on to their loved ones (maximum £5,000. LP Insurance covers loans taken up to age 65 years).

*Six months pre-existing condition limitation applies. Terms and conditions apply, please contact the office for more information.

Peace of mind for your family members.