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Life Insurance Summary of Cover1
Your Insurer
As a member of HOPE (Plymouth) Credit Union Ltd, 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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