Pomeroy Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Pomeroy Credit Union Limited in respect of eligible members is:
- Loan Protection
- Life Savings Insurance
The "member pay" services currently available are:
- Death Benefit Insurance
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One of the attractions of a loan with the Pomeroy Credit Union is free Loan Protection Insurance. Loan Protection Insurance provides life assurance cover designed to clear the outstanding loan balance on the death of a member. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted with cover ceasing on the member’s 85th birthday.
Life Savings Insurance is the life insurance cover provided to Pomeroy Credit Union Limited members as member benefit which is based on the amount of savings made during a member’s lifetime and is 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.
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.
Death Benefit Insurance (DBI) is available to anyone who is in good health and who joins Pomeroy Credit union in advance of their 70th birthday.
What is DBI?
DBI provides £1,000 of insurance cover to a Member’s nominated person in the event of their death. The annual premium for the insurance is withdrawn from the members dividend earned in December each year, and any member not covered can pay the premium at the counter or sign an authorisation form for the premium to be withdrawn from shares.
Contact us today for more information on any of our services.