Free Life Insurance
From April 1st 2020 we ended the entitlement to life insurance on savings. Instead, we have introduced a benevolent fund which will benefit more of our members. The named beneficiary of a deceased member will receive the lesser of a lump sum of £25 per year of active membership in years 1 to 5 (£50 in yrs 6-25, £75 in yrs 26-30), up to a maximum of £1500 or the average of their highest savings in the last 3 years.
For instance, if you have been a member for 10 years and have an average savings balance of at least £375 over your last 3 years of membership, you would leave an extra £375 on top of your savings, whatever your age at death.
However we retain the FREE Loan Protection. Any loan with (maximum balance £7,000) with Gateway Credit Union would be settled free of charge providing the member took out the loan before their 70th birthday, and has not died from a pre-existing condition less than six months after the date of the loan.
The Loan Insurance policy is subject to terms and conditions as specified by CUNA Mutual Ltd.