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Life Insurance Summary of Cover1
Your Insurer
As a member of Plymouth and District Credit Union, your
savings and loans are covered by life insurance negotiated with the
CUNA Mutual Life Insurance (Europe) Limited at no extra cost
to you. So, if the worst should happen, you're covered!
The Details
Your shares and loans are covered by the life insurance
as follows.
Shares
- If you are between 16 and 64 years of age at the time
you make a payment into your share account, your payment, less anything
that you have drawn out in the meantime, will be doubled. Only the
first £5,000 of your shares is covered in this way.
- If you are between 65 and 79 years of age at the time
you make a payment into your share account, your payment, less anything
that you have drawn out in the meantime, will be increased by 25%. Only
the first £5,000 of your shares is covered in this way.
- If you are 80 years of age or over at the time you
make a deposit, your payment will not be increased.
- No benefit will be paid on a payment if death results
from an illness or injury for which you received advice, consultation
or treatment within the 6 month period preceding making the payment. If
you die 6 months or more after making the payment, benefit will be paid
as normal.
Loans
- If you are between 16 and 69 years of age at death,
the first £5,000 of the outstanding balance of your loan will be fully
repaid.
- If you are 70 years of age or older, your loan is not
covered.
- If you are between 16 and 59, and you are permanently
disabled, the first £5,000 of the outstanding balance of your loan will
be fully repaid. You will need to provide medical evidence that you
will never be able to work at any paying job for which you are suited
by education, training or experience for the rest of your life.
- If you do not make regular repayments as agreed in
the Loan Agreement, you may lose your benefit.
- No benefit will be paid on a loan if death results
from an illness or injury for which you received advice, consultation
or treatment within the 6 month period prior to taking out the loan. If
you die 6 months or more after taking out the loan, benefit will be
paid as normal.
What Happens After I Die?
If you qualify for an insurance claim, the credit union
will contact your nominee and ask for a copy of the Death Certificate.
The credit union will then apply to the insurance company on your
behalf. Any loan and life savings insurance payment will be added to
your share account and will be used to pay off any outstanding loan you
may have. Any surplus will then be paid to your nominee. If the loan is
not completely paid off, the credit union will contact your nominee to
arrange for the loan to be repaid from your estate.
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1 - This is a
Summary of Cover, and does not contain all details. For a copy of the
policy, please contact us.
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Useful links
Financial Service Authority
Association of British Credit Unions
Consumer Credit Counselling Service
Money Advice Service
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Plymouth and District
Credit Union is a trading name of HOPE (Plymouth) Credit Union Ltd
Registered Office: 142
Union Street, Stonehouse, Plymouth PL1 3HL. Registered Number IP00561C
Authorised and Regulated by the Financial Services Authority. FRN 213688
A Member of the Association of British Credit Unions Ltd (ABCUL)
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