Insurance on Savings and Loans

One of the unique benefits of credit union membership is the fact that your Savings and Loans are covered by life cover.

Loan Protection Insurance

Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.

Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 70th birthday. The credit union has the option of extending this age limit to the members 80th birthday by affecting cover under the Over 70 Rider. Disability cover however ceases on the eligible members 60th birthday.

Car and Home Insurance

15% OFF the cost of your car insurance and 10% OFF your home insurance for BCCU Members.

Death Benefit Insurance

All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of £2,500 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement. The annual cost of this cover at advised to members annually at the Annual General Meeting.  To help spread the cost of this to members we deduct the fee on a quarterly basis on the closest working day to 1st January, 1st April, 1st July and 1st October each year.

Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased to over £2,500.

Death Benefit Insurance wont ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.

To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday.

Life Savings Insurance

The credit union Next of Kin nomination is your opportunity to name the person or persons you wish to receive your shares and any insurance attached to them in the event of your death.

Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the mount of savings the member has, and depends on the members age at date of lodgement.


Under 55

55 - 59

60 - 64

65 - 69


Every £1 provides

Every £1 provides

Every £1 provides

Every £1 provides

Insurance Cover

£1 of insurance

75p of insurance

50p of insurance

25p of insurance

Eligibility FAQs

Eligible Savings are those that
  • are lodged before age 70
  • remain intact in your account, and
  • are lodged whilst you were at work or, if not working, in good health
NOT eligible are savings
  • Above £10,000, or
  • lodged after age 70 (though all savings earn the dividend approved at AGM), or
  • lodged whilst not in good health, or
  • Withdrawals after the age of 55 will affect the amount payable as only your minimum balance will be insured.