According to our members, one of the greatest benefits of being part of No1 CopperPot Credit Union is the Life Cover that automatically comes with membership at no extra cost to you.
It will double the balance of all of your savings with us and it clears any outstanding loan balance you may have with us.
The Life Cover protects you up to age 65 and up to a maximum of £40,000 therefore all your No1 CopperPot savings will be covered. This means that the first £40,000 on any loans will also be covered.
There is a pre-existing medical condition clause that is included as standard. The terms are as follows:
- Each new savings deposit or loan agreement that you make is governed by the 6 month pre-existing medical condition clause.
- Benefit will not be paid on your outstanding savings or loan balance if death results from a pre-existing illness or injury for which medical advice, consultation or treatment was received within 6 months prior to making the savings deposit or loan.
- This pre-existing medical condition clause lasts for a period of 6 months from the start date of each savings deposit or loan. If you were to die 6 months or more after the date of the savings deposit or loan, this would not apply.
Exclusions:
War: Life Cover benefits under this policy may not be payable if a member is injured, becomes ill or dies resulting from an insurrection of any act of war, declared or undeclared, or service in the armed forces of any country.
Suicide: Benefits under this policy are not payable with respect to any savings deposit or loan paid into a member's account if a member commits suicide, while sane or insane, within 6 months from the date of the savings deposit.
HIV/Aids: Benefits under this policy are not payable with respect to any loan disburse to the member on or subsequent to the effective date of this policy if his or her death results directly or indirectly from Human Immunodeficiency Virus (herein HIV) or Acquired Immune Deficiency Syndrome (herein AIDS) or where HIV/AIDS is a major contributing cause of death.
Exemptions to the HIV/AIDS exclusion are as follows:
- Contraction of HIV/AIDS "in the line of duty" or as part of one's legal profession (eg medical personnel/EMTs; police/safety work).
- Contraction of the virus as a result of being the victim of a crime.
- Contraction of the virus through a blood transfusion or legal medical procedure administered by a medical professional in a medical facility.
For these exemptions to apply, verifiable proof must be provided that the contraction of HIV/AIDS occurred via one of the means highlighted in the exemptions.
There is absolutely no cost to the member involved and you don't even need to do anything to activate the cover, it's an automatic process which is completed when you join us. It really can make a difference to your loved ones and while no amount of money can replace you, at least this can help ease the financial stresses for those that you hold dear.
