Insurance - the hidden benefit....

Members of Tay Valley Credit Union also receive the benefit of life insurance on both their savings and loans at no extra cost.   This insurance is provided by CUNA Mutual which has long history of working with credit unions throughout the world.

Life Savings

Life Insurance is provided on your savings balance.   Every £1 of savings held in the credit union by a member under the age of 65 carries £1 of life insurance cover.   This means that should a member of the credit union die aged 63 with £700 in their shares their next of kin would receive £700 shares plus £700 from the life insurance policy, total payout of £1400.   Savings deposited between the ages of 65 and 80 carry a 25% insurance value.  

Loan Protection

Non-contributory Loan Protection insurance is also provided to ensure that "the debt dies with the debtor" and the next of kin is not burdened with an outstanding loan balance.   A 6-month pre-exsisting condition limitation applies to this policy.  

CREDIT UNION MEMBERS FINANCIAL SERVICES

A new range of insurance products is available to credit union members.   These include motor, life, and home insurance.   These are provided by CUNA Mutual in conjunction with Norwich Union.