Insurance - The Hidden Benefit...

All members of Discovery Credit Union are covered by Life Insurance on both their savings and loan balances. This insurance is provided by the CUNA Mutual company (www.cuna.org) which has a long history of working with credit unions throughout the world.

This is an important benefit that is often overlooked by members. The policy is paid by the credit union, not the member, and is provided to give members extra peace of mind.

Life Savings
Every £1 deposited with the credit union by a member under age 65 carries £1 of life insurance cover. This means that should a member of the credit union die aged 63 with £300 in their shares their next of kin would receive £300 shares plus £300 from the life insurance policy. Savings deposited between age 65 and 80 carry a 25% insurance value.

Loan Protection
Loan Protection insurance is provided to ensure that the "debt dies with debtor" and the next of kin are not left burdened with an outstanding loan balance should a member die. A 6-month pre-existing condition limitation applies to this policy.

For full details of the insurance provided please contact us.