What would happen to your savings and loan if you die? Update your beneficiary/ next of kin details with us.
Not only does choosing to borrow and save with PCCU support your local communities, it also means your loved ones are supported should you die with our free life insurance on both savings accounts and loans at PCCU.
This is a huge benefit for our account holders as this protection is not something offered wildly by other financial institutions, especially at no extra cost.
As an ethical lender the purpose of offering this protection is because it enables a better financial future for our account holders and their families. As at a tough time, a lump sum of money can help minimise the financial impact that your death could have on your loved ones.
Free life savings protection
When you choose to save with your credit union, protection on your savings is included*. Meaning in the event of your death your savings balance and an additional premium will be paid to the person who is named as beneficiary of your account.
It’s extremely important your beneficiary details are kept up to date, the best way to do this is by emailing us at enquiries@pccu.co.uk or by messaging us on our Nivo app.
The premium is payable on a total saving balance of up to the value of £5,000 subject to your age when depositing. All deposits made prior to the age of 65 will be paid at a 100% premium. Any deposits made after 65 up until 80 years old will be paid at a 25% premium.
E.g. £5,000 total savings balance deposited prior to turning 65 years old = (£5,000 savings + £5,000 premium payable) = £10,000 total
E.g. £5,000 total savings balance deposited after turning 65 up to the age of 80 years old = (£5,000 savings + £1,250 premium payable) = £6,250 total
Meaning you are not only saving for your own future, but also for that of your family. With the added benefit of Life Savings Protection, your nest egg can could help towards funeral costs or could be left as a legacy for your loved ones in the event of your death. To open a PCCU savings account today – Click here.
Free loan protection
When you take out a loan with us you also get Loan Protection. If you were to die before your Credit Union loan is repaid, this protection can help towards settling the debt, so that it is not passed on to your loved ones.
Needless to say it will not take away the pain but it will certainly help reduce the potential financial strain of bereavement. This benefit is included at no extra cost to you as part of the Credit Union loan arrangement* so just for once, peace of mind does not cost the earth; it is just another benefit of being a Credit Union account holder and choosing to borrow responsibly. If you would like to apply for a PCCU loan with free loan protection today – Click here.
Of course, this excellent free life insurance on both your PCCU savings and loans is subject to terms and conditions* so if you do require any additional information about both our Life Savings Protection and Loan Protection please contact a member of staff.
It’s extremely important your beneficiary details are kept up to date, the best way to do this is by emailing us at enquiries@pccu.co.uk or by messaging us on our Nivo app.
