Get Peace of Mind Knowing Your Money is Safe.
Stockport Credit Union provides Life Savings Insurance and Loan Protection Insurance at no direct cost to our members.
Your Loans
When someone dies, their estate is usually responsible for paying off any remaining debts held in their name including debts like credit card debts.
This is NOT the case for your credit union loan. Our Loan Protection Insurance programme means that, subject to Terms & Conditions, there is NO outstanding debt to be repaid.
Your Savings
All members’ savings are insured at no direct cost to the member.
When you join Stockport Credit Union you will be able to complete a Nomination Form which informs us who you have nominated as your beneficiary. The beneficiary does not have to be your next of kin. You can contact the credit union to change your beneficiary at any time.
Life Savings Cover
In the event of your death, deposits made before your 65th birthday will get 100% cover. Anything deposited between the ages of 65 and 80 will get 25%.
The amount of insurance depends upon your age when your savings were put in the credit union, not upon the age you are when you die, providing they have been left in the credit union during that time.
EXAMPLE FOR ILLUSTRATION
Member who has saved £1,000 before age 65 and £500 after age 65.
| SAVINGS (SHARES) | INSURANCE | TO NEXT OF KIN |
| Deposited up to age 65 – £1,000 | 100% = £1,000 | £1,000 Savings plus £1,000 Insurance |
| SAVINGS (SHARES) | INSURANCE | TO NEXT OF KIN |
| Deposited after age 65 but before age 80 £500 | 25% = £125 | £500 Savings plus £125 Insurance |
| SAVINGS (SHARES) | INSURANCE | TO NEXT OF KIN |
| Using both the examples together, this is a total savings of £1,500 | Total Insurance – £1,125 | Total paid out – £2,625 |
The maximum insurance pay out on any claim is £10,000.
Terms & Conditions apply- contact the office for more information