We provide you with Life Protection which covers the savings and loans we offer. Life Protection could double your savings balance in the event of your death (before your 65th birthday) and clear an outstanding loan balance in the event of your death (before your 70th birthday), 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 is not available on mortgages.
|Life Protection on savings|
|Age limit||From 0 up to your 65th birthday.|
|Amount covered||Up to £40,000, across all Credit Union accounts. The maximum amount of Life Protection paid out will not exceed £80,000.|
|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 this Life Protection please 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 ensure the outstanding balance would not be passed to the estate. This would be subject to terms and conditions.|
Terms and Conditions
- 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.
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 or double any savings contribution of anything received six months prior to a member committing suicide.
- 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.
Example of a payout with a pre-existing medical condition
The following example is based on a member who saves £50 per month, has a total of £8,300 in savings and if they were to pass away from a pre-existing medical condition.
The member would have £8,300 total at the time of their death and the last six months’ contributions would not be covered by Life Protection. The last six months of contributions which total £300 (£50 per month) would not be doubled. The remaining £8,000 would be doubled to £16,000 and a total of £16,300 would be paid to the estate.
Claiming Life Protection
If your family member has unfortunately passed away and you are looking at settling their account and claiming Life Protection, please send an email to email@example.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.