Carnglen Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member.
Life Savings Protection
Carnglen Credit Union provides Life Savings Insurance at no direct cost for its eligible members’ savings as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged.
Eligibility savings are those that:
- are lodged before age 70 up to a maximum of £15,000
- remain intact in your account and,
- are lodged whilst you were working or, if not working, in good health
Loan Protection Insurance
Loan Protection Insurance is provided to members at no direct cost to them. This means that on the event of your death, E.C.C.U. (the credit union insurance company) will clear your loan balance — it will not have to be paid off from your savings or by your family! (Subject to policy conditions).
Every borrowing member is eligible for Loan Protection Insurance if they are:
actively engaged in the usual duties of his/her livelihood on the date they receive the loan, or if not working, that they are in good health and capable of performing the usual duties of their livelihood on that date.
Insurance cover on loans ceases at age 85. Members pay no individual charge.
Death Benefit Insurance
This product provides a one-off payment of £2000 towards funeral expenses to help meet funeral costs in the event of your death. This insurance is covered by Carnglen Credit Union Ltd at no cost to the member. Members who join their credit union before 70 years of age are covered for Death Benefit Insurance.