Life Protection

Although this is a subject many people don’t like to think about, we understand that it is important. As a member we provide you with Life Protection which covers the savings and loans you hold with us. There is absolutely no cost to the member involved and you don’t even need to do anything to activate the protection, 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.


Life Protection on your savings

Should the worst happen, our Life Protection protects your savings up to a maximum of £40,000 across all accounts, between the ages of 0 to 65. Life Protection may double the balance of your savings, subject to terms and conditions.


Life Protection on your loans

We also cover your loans up to a maximum borrowing of £40,000, between the ages of 18 to 70. This means that your loan would be cleared, ensuring that your debt does not remain outstanding, subject to terms and conditions. 

Extended Life Protection is also available exclusively for the 70+ Loan, available for members aged 70-80. For more information on this Life Protection please click here.

Life Protection is not available on mortgages.


Life Protection Terms and Conditions

All benefits are paid at the discretion of our Board of Directors. Life Protection is not an insurance policy and is not guaranteed.


Medical clause

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 six 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 six months prior to making the savings deposit or loan.
  • This pre-existing medical condition clause lasts for a period of six months from the start date of each savings deposit or loan. If you were to die six months or more after the date of the savings deposit or loan, this would not apply.


Exclusions to Life Protection

War: 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: Life Protection benefits 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 six months from the date of the savings deposit.