Credit Union Insurance
Ballycastle Credit Union also offers all eligible members insurance services. These insurance services are paid as an operational expense by the credit union.
We've got you Covered
The insurance covers currently provided for by Ballycastle Credit Union in respect of eligible members are:
One of the attractions of a loan with Ballycastle Union is the built in Loan Protection Insurance. It repays the balance the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties and who have not reached their 70th/80th or 85th birthday (delete as applicable) at the time the loan is granted.
The premium for this insurance is paid by the credit union.
What is Loan Protection Insurance?
In Ballycastle 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*.
When borrowing from your credit union, a member is eligible for cover if:
- they have not reached their 70th/80th or 85th birthday (delete as applicable) birthday
- the borrower can confirm they can actively and regularly perform all the usual duties of their occupation and further terms and conditions can apply.
- For larger loan amounts a medical questionnaire may be required.
* Some credit unions also insure borrowing members for Permanent and Total Disability
Life Savings Insurance is the life insurance cover provided to Ballycastle Credit Union members as 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 to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.
Subject to a maximum benefit set by our credit union, every £1 you save before the age of 55 provides £1 of insurance. So, if you an eligible member aged 54 with £2,000 saved in the credit union passes away, an insurance benefit of £2,000 will be paid out on your death. This is subject to the eligibility terms and conditions and the credit union’s life savings cover limit.
The amount paid out in the event of an eligible member’s death will be dependent on their savings history with the credit union over the years. 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 in the event of a claim.
We have extended cover to include the “Accidental, Death and Dismemberment” Rider. Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident. Also if the member looses a limb or sight as the result of an accident then a benefit may be paid to member. The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgments are made.
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 members. Cover is currently £1,000. A minimum share balance of £100 is needed to qualify for this service.