Portaferry Credit Union offers its Members life insurance on loans, at no cost to the Member, subject to terms and conditions. All loans must be paid in full before the Member’s 80th birthday.
Insurance on savings
Every pound which you save, up to the age of 55, in the event of your death is doubled (provided that you do not withdraw your savings). This applies to a maximum savings value of £15,000 and is payable to the person you have recommended on your form of nomination.
Life insurance on loans
Death Benefit Insurance
Introduced in 1995, the main purpose of this insurance is to provide basic life cover to credit union members at an affordable price. During the life of the insured it gives the family added security and reduces worries about the future.
At present the benefit paid to a members family on death is £1,500. You are eligible to qualify for this insurance if you:
- Are over 16 years of age.
- Joined the credit union before 70 years of age.
- Remained a member of the credit union.
- Are or have been eligible for cover under the Life Savings Policy.
Once you are covered by this policy and provided annual premiums are paid, your benefit is not affected in any way, even by illness.