Loan and Savings Protection
Peace of mind for you and your family.
As a member, you automatically receive up to £10,000 of Life Savings Protection on your savings and up to £10,000 of Loan Protection if you borrow from us
The cover is FREE to all members, and you do not need to do anything to activate this cover. The cover is designed to provide your family with much needed assurances in the event that anything happens to you. This cover is subject to the following terms and conditions.
Life Savings Protection
Life Savings provides the member’s family with a single lump sum payment to cover end of life expenses, in the event of the member’s death.
- The maximum amount of cover is £10,000
- Your beneficiary will receive 100% of your balance as cover on top of your savings balance; up to the age of 64
- Your beneficiary will receive 50% of your balance as cover on top of your savings balance; up to the age of 69
- Your beneficiary will receive 25% of your balance as cover on top of your savings balance; up to the age of 79
- Your beneficiary will receive 0% thereafter
Loan Protection
Loan Protection is used to repay an outstanding loan in the event of a member's death.
- Up to and including the age of 70
- Up to the limit of £10,000
Cuna Mutual Group Limited are the provider of the Life Savings and Loan Protection Scheme. First Defence Finance (Plane Saver Credit Union Ltd) do not offer or own this insurance product but is the administrator managing claims between our members and CUNA Mutual Group Ltd. Please ensure that your beneficiaries are aware of this benefit.
