Credit Union Insurance
Newtownhamilton Credit Union cares for its members. To this end your credit union has put in place a number of insurance policies to benefit and protect eligible members when they borrow and save with the credit union and all at no additional cost to members.
Further details of these benefits are set out below:
Loan Protection Insurance
In Newtownhamilton Credit Union, the outstanding loan balances of eligible members are insured at no direct cost to the member. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible. If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.
Life Savings Protection
Life Savings Insurance is the life insurance cover provided to Newtownhamilton Credit Union members as a member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit depends on the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable.
We have extended cover to include the “Accidental, Death and Dismemberment” Rider. Under this extension the amount of the Life Savings claim can be doubled but only if the member dies as the result of an accident. There is also protection where a member loses a limb or their sight.
Death Benefit Insurance
In addition to Loan Protection/Life Savings Insurance we offer members an additional Death Benefit Insurance designed to relieve the burden of bereavement costs.
DBI is provided at no direct cost to you. Cover is currently £1,000.00.
The policyholder of these policies is Newtownhamilton Credit Union Ltd. The member is not the policyholder.
Contact us today for more information at info@nthcu.com .
Contact us for a
Loan Enquiry
We have great loan rates avilable for our members, please get in touch with our customer service team to discuss your loan further.