Insurance Cover

 Loan Protection Cover

Your loan is automatically covered by our policy with CUNA Mutual Insurance Society at no additional cost to yourself. This means that if you die during the term of the loan, the amount still owing at the time of your death will be paid off by CUNA Mutual if aged up to 69.

The Policy has the following conditions and restrictions:

  • Cover up to 69 years of age at death.
  • The maximum claim limit is £5,000.
  • Payment will not be made if death occurs within the fist 6 months of the term of the loan and results from an injury for which you recieved medical advice, consultation or treatment within the 6 month period prior to taking out the loan. For example, if you took out a loan on 1st January 2013 and had been receiving treatment for an illness diagnosed in July 2012, and you died as a result of this illness in May 2013, then you would not be covered by the Policy.

If a member requests a loan aged 70 or over, South Manchester Credit Union will offer a secured loan so an outstanding loan can be repaid by savings.

Savings Cover

If a member dies before the age of 65, the first £5,000 of their savings will be doubled by CUNA Mutual.

If a member dies between the ages of 65 to 79, the estate receives  and additional 25% of the first £5,000 (i.e. up to £1,250).

 

If you are concerned about insurance cover, please contact 187 Fog Lane