Insurance Cover
Protect what matters most with our comprehensive insurance products—reliable coverage at no extra cost!
Life Savings Insurance
Termonmaguirk Credit Union covers members savings at no direct cost to the member with Life Savings Insurance. This very worthwhile insurance cover is in place to encourage members to save regularly. It rewards eligible members for saving with the credit union. It is designed to protect members while they save, and in the unfortunate event of a member’s death, it can pay a benefit to the person(s) nominated by the deceased member. This insurance applies to a maximum savings value of £15,000.
Up to the age of 55 years old, every £1 saved earns 100% cover, and in the event of your death, payout will be doubled e.g. if the savings balance at date of death (before 55th birthday) is £3,000, payout will be £6,000.
The criteria for Life Savings cover is as follows:
- £1 saved before 55th birthday = £1 of Insurance: (100% cover)
- £1 saved between age 55-59 = 75p of Insurance: (75% cover)
- £1 saved between age 60-64 = 50p of Insurance: (50% cover)
- £1 saved between age 65-69 = 25p of Insurance: (25% cover)
- No Insurance paid on amounts saved after 70th birthday
Loan Protection Insurance
In Termonmaguirk Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means that the outstanding loan balance will be paid in full in the event of the member’s death. It is a valuable benefit which gives credit union borrowers peace of mind when they borrow. Members can take out a credit union loan in the full confidence that their dependents will not have to repay the loan on their demise.
Loan Protection Insurance is payable subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
Death Benefit Insurance
Bereavement can result in very significant expenses and financial worries for loved ones, at a difficult time. Termonmaguirk Credit Union provides a unique service to members called Death Benefit Insurance, at no direct cost to the member. It is designed to help ease the financial burden in the event of death. It pays a fixed lump sum of £1,500 towards funeral expenses.
To be eligible, a person must be:
- A Credit Union Member
- Have joined the Credit Union before 70th Birthday
- They have at least £20 in their credit union account at the time of death
Life Savings Insurance Nominations
When you become a member of Termonmaguirk Credit Union, you will complete a Form of Nomination. This is a legally binding document instructing the Credit Union on who (Nominee(s)) you want your savings to be paid out to in the event of death. This gives the Nominee the authority to collect the contents of the account plus the Life Savings Insurance payable.
