70+ Loan Life Protection Terms and Conditions
Extended Life Protection is available for the 70+ Loan and covers up to £5,000 of borrowing per member until their 80th birthday, subject to the following criteria.
Please note: All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed.
|Life Protection on the 70+ Loan|
|Age limit||From 70 up to your 80th birthday, whilst the loan is still active.|
|Amount covered||The loan would be covered up to a maximum value of £5,000.|
|Example of payment||If you pass away between the ages of 70 and 79 with an outstanding loan balance of £3,000, the Credit Union would repay the balance outstanding ensuring it would not be passed to the estate. This would be subject to terms and conditions.|
Terms and Conditions
- Extended Life Protection covers No1 CopperPot Credit Union members with a 70+ Loan between the ages of 70-79.
- All benefits are paid at the discretion of our Board of Directors.
- Life Protection is not an insurance policy and is not guaranteed.
Exclusions to Life Protection
- War is an exclusion to Life Protection. Life Protection benefits may not be payable if a member is injured, becomes ill, or dies resulting from an insurrection of any war, declared or undeclared, or service in the armed forces of any country.
- Suicide is an exclusion to Life Protection. Life Protection will not clear any loan whereby the application was received six months prior to a member committing suicide.
- In the case of a pre-existing medical condition, Life Protection will not be paid on the balance of your loan(s) which has been approved within six months of death if it occurs from a pre-existing illness or injury, for which medical advice, consultation, or treatment was received within the six months prior to death.
- The extended Life Protection does not apply to any savings held within the Credit Union.
Claiming Life Protection
If your family member has passed away and you are looking at settling their account and claiming Life Protection, please send an email to firstname.lastname@example.org.
We would be grateful if you could provide us with your contact details and their name. We will be in touch to help you through the process.