We provide Life Protection with our savings and loans. In the event of you passing away before your 65th birthday, your savings balance could double. Additionally, any outstanding loan balance could be cleared if you pass away before age 70, subject to terms and conditions.
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 savings
| Age limit | From 0 up to your 65th birthday. |
| Amount covered | Up to £40,000, across all Credit Union accounts. |
| Example of payment | If you pass away under the age of 65 with £15,000 in savings, this would be doubled and £30,000 would be paid to your estate. This would be subject to terms and conditions. |
Life Protection on loans
| Age limit | From 18 up to your 70th birthday. |
| Extended protection | Extended Life Protection is also available exclusively for the 70+ Loan, available for members aged 70-80. For more information on Extended Life Protection click here. |
| Amount covered | All Credit Union loans would be covered up to a maximum value of £40,000. |
| Example of payment | If you pass away under the age of 70 with an outstanding loan balance of £10,000, the Credit Union would repay the outstanding balance ensuring it would not be passed to the estate. This would be subject to terms and conditions. |
Terms and ConditionsÂ
- Life Protection covers No1 CopperPot Credit Union members between the ages of 0-64 for savings and 18-69 for loans.
- 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 is not available on mortgages.
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.
- A person taking their own life is an exclusion to Life Protection. Life Protection will not clear any loan or double any savings contribution of anything received six months prior to a member taking their own life.
- In the case of a pre-existing medical condition any savings contribution which has been received in the last six months before their death, will not be eligible for Life Protection. 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.
Claiming Life Protection
If your family member has unfortunately passed away and you wish to settle their account, please send an email to info@no1copperpot.com.
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.
Cheadle Royal Business Park,
Cheshire, SK8 3GX
