Free Savings/Loan Insurance
No one likes to think about death, be it your own or that of a loved one, but the simple fact is a bereavement can result in very significant expenses and financial worries for loved ones, at a difficult time. Falkirk District Credit Union cares about its members and offers free savings and loans insurance up to the age of 79.
This insurance covers savings and loans, ensuring that on your death and once an original full death certificate has been provided, your loan will be repaid in full and in addition 150% of your savings will be paid to the nominated beneficiary (to a maximum of £2500).
On joining Falkirk District Credit Union, we ask you to declare who you would like to nominate as your beneficiary in the event of your death. Please remember to keep your beneficiary information up to date and if you wish to amend this at any time, please advise us in writing and we will update our records.
To help illustrate the levels of cover, here are some examples:
Member’s Share balance | Share cover paid by insurance | Member’s Loan Balance | Loan Protection paid by insurance | Balance paid out to beneficiary |
£500 | £250 | £0 | £0 | £750 |
£1000 | £500 | £1,500 | £1,500 | £1,500 |
£3000 | £1,500 | £5,000 | £5,000 | £4,500 |
£10,000 | £2,500 | £15,000 | £15,000 | £12,500 |
£16,000 | £2,500 | £0 | £0 | £18,500 |
*All subject to beneficiary providing member’s full original death certificate for insurers
Coverage & Eligibility
Life insurance is free to all members between the ages of 16 and 79.
Due to legal limitations placed on us, for members over the age of 80, this life insurance will pay out 100% of savings to your nominated beneficiary only. Please contact the office for further details.
