There’s a very good chance, even if you have an account with a credit union, that you’re not completely aware of the benefits offered by credit union life insurance. There are many other good reasons for using a credit union like PCCU, of course. It will be run for account holders and not for profit, with all the money generated being recycled for the benefit of the account holders. Loans will be given on a personal basis, decided by how much we feel the member can pay back, and with interest rates kept as low as it’s possible to keep them. The credit union itself will offer a variety of savings accounts and affordable loans, online accounts facilities, with a user-friendly prepaid Visa debit card account with access to ATM’s, mobile app and the ability to have your wages paid directly to your account. All of this will be offered without any hidden fees or charges.
The main benefit of credit union life insurance, however, is that it’s something which simply won’t be offered at all by traditional high street banks or building societies. It’s a form of cover, what’s more, which is provided completely free of charge and which offers the kind of peace of mind and security which tends to attract members to a credit union in the first place.
There are two types of credit union life insurance, and they both offer a degree of financial stability in the event of a member’s death (subject to rules). Nothing, of course, can ever truly compensate for the shock and loss of bereavement. The fact that credit union life insurance covers any loan repayments being made, at the same time as offering a lump sum payment based on your savings, can ease the stress of the situation a little. At the very least it can mean that money worries – perhaps over costs such as funeral arrangements – don’t add further stress to what is already a very difficult time.
The life savings protection we offer will provide a lump sum calculated on the basis of your age when you made the deposits and the amount of savings you have. The loan protection policy could ensure that any outstanding amount left to pay back on a loan you’ve taken out is cleared. In both cases, you don’t have to do anything or make any payments in order to be covered by the insurance in question. This cover comes automatically with being a member of the credit union, with the policies themselves having been taken out by PCCU on behalf of all our members. It should be noted that the insurance doesn’t cover savings and loans made outside the credit union, as this is a benefit which we provide as part of our commitment to the financial well-being of our members only.
As with all insurance policies, the cover offered is subject to certain rules and conditions, and the amounts paid out will depend on the age of the person in question and the amount of the loan involved or the savings held by the credit union. Details aside, credit union life insurance is just another example of the way in which we strive to give all of our members the best and most complete service possible. The security of knowing that your savings account comes with no hidden fees, and that the loans you take out can be repaid at the lowest possible interest rate, also comes with the peace of mind of knowing that, in the event of your death, the family you were saving and borrowing on behalf of will be shielded, to a small degree at least, from the worst of the financial impact.