Authorised and regulated by the
Financial Services Authority
Firm Reference No 436625
Financial Services Authority
Firm Reference No 436625
NFRN Credit Union Limited
Free Life Savings Assurance Cover
The life insurance comes at no cost to you. This means that should the unthinkable happen, your designated beneficiary will receive your savings plus the insured amount. This will cover 100% of your savings amount deposited up to age 65 and 25% up to age 79. There is currently a limit of £5,000 which we are endeavouring to negotiate upwards. This means that should you die, we will match 100% of your savings and pay this amount to your chosen beneficiary. Between ages 65 and 80, we will match 25% of your new savings deposits while still protecting 100% of any deposits made before age 65 and not withdrawn.
All deposits are subject to a six month Pre-existing Condition Limitation. This means that should you die from a pre-existing medical condition, any deposits made in the last six months are not covered. Life Savings Insurance does not cover death due to HIV/Aids, Suicide, Terrorism or War.*
*Terms and conditions apply
Free Loan Protection Cover
The loan protection cover is also supplied at no cost to the member. This means that in the event of your death, your credit union loan balance is paid off and no debt passes to your next of kin. This benefit fulfils one of the credit union movement's unique principles of ensuring that the member's debt dies with them. It is a unique benefit to credit union members and would cost extra money with most other institutions.
The Loan Protection insurance automatically covers 100% of credit union loans held by members aged between 18 and 80, to a maximum value of £5,000. If your loan amount is higher than £5,000, Loan Protection insurance will cover the first £5,000 of the loan. Again we are endeavouring to negotiate this amount upwards.
Any new loan agreements are subject to a six month Pre-existing Condition Limitation. This means that should you die as a result of a pre-existing medical condition (for which medical advice, consultation or treatment was received), within 6 months of taking out your loan, Loan Protection insurance will not be applied.
Loan Protection Insurance does not cover death due to HIV/Aids, Suicide, Terrorism or War.*
*Terms and conditions apply
Free Life Assurance Cover
This is one of the major differences between Credit Unions and the Banks. All ABCUL* Credit Unions purchase an insurance policy to provide free life assurance cover on members’ savings. This same policy enables Credit Unions to provide free life assurance cover on loans made to members so that the debt shall die with the debtor. These latter words were first USED in 1935 when the CUNA Mutual Insurance Society developed a Loan Protection Insurance policy followed shortly by Share Life Insurance. These programmes provide for specified compensation to the beneficiaries of deceased or disabled credit union members. The CUNA Mutual Group, providers of our insurance, are their successor. You can read a brief history of their development here.
This is one of the major differences between Credit Unions and the Banks. All ABCUL* Credit Unions purchase an insurance policy to provide free life assurance cover on members’ savings. This same policy enables Credit Unions to provide free life assurance cover on loans made to members so that the debt shall die with the debtor. These latter words were first USED in 1935 when the CUNA Mutual Insurance Society developed a Loan Protection Insurance policy followed shortly by Share Life Insurance. These programmes provide for specified compensation to the beneficiaries of deceased or disabled credit union members. The CUNA Mutual Group, providers of our insurance, are their successor. You can read a brief history of their development here.
*ABCUL is the Association of British Credit Unions Ltd.