Our members benefit from the following insurance services
Life Savings Insurance
BDS Credit Union provides Life Savings Insurance at no direct cost to its members as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is in direct proportion to the savings balance and the age of the member when lodgements were made. Savings withdrawn will affect the insurance amount payable. Insurance will be calculated on the lowest share balance held in the account.
Insurance Cover provided on savings as follows:
A member is eligible for Life Savings Insurance cover if they have joined the Credit Union before the age of 70 and are actively at work or in good health at the time of joining.
If a member dies under the age of 55 savings are automatically doubled.
The maximum amount of savings covered by this insurance is £15,000. (subject to change / T&C's apply)
Upon joining the Credit Union you will nominate who you would like to leave your money to in the event of your death. Any savings you have will be paid to your nominee by cheque or bank transfer along with any monies paid out by the insurance company.
All claims are subject to the terms and conditions of ECCU insurance. A minimum savings balance of £5 must be maintained in your account.
Death Benefit Insurance
Death Insurance is designed to lighten the financial burden on bereavement.
The cost of DBI for the member is £15 and the remainder is subsidised by BDS Credit Union.
BDS Credit Union cares about its members and provides this insurance to help pay for funeral expenses. Death Benefit Insurance won’t ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
During the life of the insured member, it gives the family added security and reduces worries about funeral expenses.
Death Benefit Insurance is a payment of £2,000 or £4,000 in the case of accidental death to help with funeral costs.
A member is eligible if:
They have joined BDS Credit Union before the age of 70
They have joined in good health
They have remained a member of BDS Credit Union
They have met the minimum amount of £5 savings in their account
Loan Protection Insurance
Loan Protection Insurance is the cover taken out on eligible loans at no direct cost to the member. Member will be asked to fill out a form while applying for a loan.
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. If you are an eligible member, this means that your dependants will not be obliged to repay the outstanding loan balance in the event of your death.
A member is eligible if:
They have not reached their 85th birthday
The borrower can confirm they can actively and regularly perform all the usual duties of their occupation and duties. For larger loans a medical questionnaire may be required
Disability Benefit is for those under 65 if they become totally and permanently disabled. If you have a loan, you may be able to make a claim with regards to clearing your loan balance.