Insurance
Willowfield credit union also offers all eligible members a Death Benefit Insurance service.
- Death Benefit Insurance is managed by our own Insurance Company ECCU
- Assurance Company Limited
Life Savings Insurance
Willowfield Credit Union provides Life Savings Insurance at no direct cost to its members’ eligible savings.. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged. ( Conditions Apply) Eligibility Eligible Savings are those that
- are lodged before age 70 up to a maximum of £15,000,
- remain intact in your account, and
- are lodged whilst you were at work or, if not working, in good health.
Loan Protection Insurance
| Loan Protection Insurance is provided to members at no direct cost to them. This product clears your outstanding loan balance in the event of death subject to policy conditions. In the event of your death, E.C.C.U. (the credit union insurance company) will clear your loan balance — it will not have to be paid off from your savings or by your family! | ||
| Insurance Cover on Savings | Savings | Insurance Cover |
| Age under 55 | Every £1 provides | £1 of Insurance |
| 55 -59 | Every £1 provides | 75p |
| 60 – 64 | Every £1 provides | 50p |
| 65 – 69 | Every £1 provides | 25p |
| Savings lodged after 70th birthday are not covered by insurance | ||
