Our Free Life Insurance
Gateway Credit Union has taken out an insurance policy with CUNA Mutual which is given FREE of charge to all our member accounts. This policy is aimed at making the lives of families easier in the event of the death of a member of Gateway Credit Union.
This includes FREE loan protection. Any loan with Gateway Credit Union would be settled free of charge providing the member has not died from a pre-existing condition less than six months after the date of the loan.
This insurance will also cover any savings the member may have and a premium will be paid to the nominated person(s) as per the table below:-
200% of savings for members aged 18 - 55 years
175% of savings for members aged 56 - 59 years
150% of savings for members aged 60 - 64 years
125% of savings for members aged 65 - 69 years
For instance, a member dying unexpectedly aged 50 with an outstanding loan and £2000 in savings would leave £4000 and have their loan cleared, providing a welcome sum for funeral and other expenses at a difficult time.
Your entitlement to the savings benefit is based on your age when you paid in the savings, not your age at death. So for our older members, it can be advantageous to take out a loan rather than to withdraw savings, in order to retain your right to the insurance benefit.
Both of these policies are subject to terms and conditions as specified by CUNA Mutual Ltd.
