Insurance

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 required 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

SAVINGS (SHARES)INSURANCETO NEXT OF KIN
Deposited up to age 65 – £1,000100% = £1,000£2,000
SAVINGS (SHARES)INSURANCETO NEXT OF KIN
Deposited after age 65 – £50025% = £125£625
SAVINGS (SHARES)INSURANCETO NEXT OF KIN
Total savings – £1,500Total Insurance – £1,125Total paid out – £2,625

The maximum insurance pay out on any claim is £10,000.

Terms & Conditions apply- contact the office for more information