Life Insurance

Summary of Cover

Your Insurer

As a valued member of City of Plymouth Credit Union your savings and loans are covered by life insurance negotiated with CUNA Mutual Life Insurance (Europe) Limited at no cost to you, giving you peace of mind should the worst happen.

Savings

  • If you are between 16 and 64 years of age at the time you make a payment into your savings account, your payment, less anything that you have drawn out in the meantime, will be doubled. Only the first £5,000 of your savings is covered in this way.
  • If you are between 65 and 79 years of age at the time you make a payment into your saving account, your payment, less anything that you have drawn out in the meantime, will be increased by 25%. Only the first £5,000 of your savings is covered in this way.
  • If you are 80 years of age or over at the time you make a deposit, your payment will not be increased.
  • No benefit will be paid on a payment into your account if death results from an illness or injury for which you received advice, consultation or treatment within the 6 month period preceding making the payment. If you die 6 months or more after making the payment, benefit will be paid as normal.

Loans

  • If you are between 18 and 69 years of age at death, the first £5,000 of the outstanding balance of your loan will be fully repaid.
  • If you are 70 years of age or older, your loan is not covered.
  • If you are between 16 and 59, and you are permanently disabled, the first £5,000 of the outstanding balance of your loan will be fully repaid. You will need to provide medical evidence that you will never be able to work at any paying job for which you are suited by education, training or experience for the rest of your life.
  • If you do not make regular repayments as agreed in the Loan Agreement, you may lose your benefit.
  • No benefit will be paid on a loan if death results from an illness or injury for which you received advice, consultation or treatment within the 6 month period prior to taking out the loan. If you die 6 months or more after taking out the loan, benefit will be paid as normal.

What Happens Should I Die

Once we have been informed, if you qualify for an insurance claim, the credit union will contact your beneficiary or executor of your estate and ask for a copy of the Death Certificate. We will then apply to the insurance company (CUNA) on your behalf. Any loan and life savings insurance payment will be added to your saving account and will be used to pay off any outstanding loan you may have. Any surplus will then be paid to your beneficiary or estate. If the loan is not completely paid off, the credit union will contact your beneficiary or executor to arrange for the loan to be repaid from your estate. (See the Beneficiaries section for more details on how to appoint beneficiaries.)

Note: This is a Summary of Cover, and does not contain all details. For a copy of the policy, please contact us.