Loan Protection Insurance

All members of North Tyneside Employees Credit Union recieve free life insurance, which covers their savings and any loan they may have.  If the worst were to happen a members loan would be paid off in full (providing the payments were up to date) and the credit union would add 50% upto a maximum of £2500 to their share balance which would then be paid to the members beneficiary. 
For example if Joe Bloggs had a loan of £6000 and savings of £5000, in the event of his death the loan would be cleared in full and his beneficiary would receive £7500, his £5000 plus an extra £2500 from the credit union.
This is a totally free service that all members receive automatically for a little extra peace of mind. 
Legally any savings a member has over £5000 has to be paid to the estate.  This does not effect the first £5000 or the additional 50% the credit union adds.
Please feel free to contact us if you would like to know more.