Savings and Loan Protection Scheme
As a member of the NHS Credit Union you have access to a unique protection provided by credit unions for the family of members in the event of bereavement – the Free Life Savings and Loan Protection Scheme* – which give extra peace of mind for members and their families at no extra cost.
The scheme is designed to reward a member’s family for their commitment to save and provide them with financial support when they need it the most.
How does it work?
- Our Life Savings Protection means that in the event of a member’s death, their family will be provided with a single lump sum payment (applicable rates/amounts covered are those prevalent at the date of deposit).
- With Life Savings Protection, the value of the payment is directly linked to a member’s savings, so the more they save, the higher the payment. Up to a maximum of £5,000, every £1 in savings can be matched by £1 of benefit.
- Our Loan Protection Scheme means that if a member dies, their NHS Credit Union debt (up to a maximum of £15,000) can be paid off*.
*Terms and conditions apply – Terms of these free member benefits may change from time to time.
Important note: Individual members do NOT have an insurance policy – they share in a free benefit offered by the credit union.