Your savings are protected by insurance, which covers theft, fraud and misappropriation of funds. The Credit Union has ‘fidelity bond’ insurance which means that your savings are protected from any fraudulent action by the credit union or its employees.
Loan Protection Insurance
If you should take out a loan with Churches’ Mutual Credit Union and die before it is fully repaid, Loan Protection cover can help to ensure your debt is settled and is not passed on to your loved ones when you are no longer here. Loan Protection will make a payment to cover any outstanding amount of loan direct to your Credit Union.
Loan Protection Insurance is provided by Churches’ Mutual Credit Union for you, the member, at no extra cost. If you are under the age of 70 your loan is automatically insured by Churches’ Mutual Credit Union. You will be asked to complete a declaration of health when taking out the loan (some exemptions to the insurance do apply, please ask for more information when applying for your loan).
Loan Protection insurance will leave you with peace of mind and protection. This means that you can borrow from Churches’ Mutual Credit Union in full confidence that your dependents will not be obliged to repay the outstanding loan balance.
Credit Union borrowers aged between 18 and 69 years benefit from life insurance equal to their loan balance up to a maximum of £5,000.
Insurance cover is subject to Terms and Conditions which may apply. You should enquire when making a loan application to see if you are eligible.
Insurances are subject to what is known as Pre-existing Condition Limitation (PCL) for a period of six months. If you die within six months of receiving your loan of a Pre-existing Condition that you knowingly had (or an illness associated with your condition), your loan would NOT be protected by insurance. Once the six month period has elapsed your loan is fully covered.