This year has been a tough one for us all, with many of us having to compromise and make tough decisions in order to deal with the impact of Covid-19.
Here at Voyager Alliance Credit Union and Retail Credit Union things are no different, and we too have had to make some difficult choices. From 31st December 2020 our Life Insurance Cover will be ending for savings accounts, however our loan cover will still be continuing.
What Is The Savings Life Insurance Cover?
Our Savings Life Insurance Cover was our free life insurance for all members’ savings accounts that allowed savings to be matched dependent on age up to a maximum of £20,000 in the event of a member’s death.
What Does This Mean?
This means that from 31st December 2020 the insurance cover will be ending, after this date life insurance payments cannot be claimed.
However, not all our insurance is ceasing. We still offer free loan insurance to all members with a loan account*. This means that if you have a loan with us, in the event of your death the Credit Union will write off the remainder of your loan so your family will not need to worry about any outstanding debts.
What Do I Need To Do?
You do not need to do anything. The Savings Life Insurance Cover will automatically come to an end on 31st December 2020. If you already have a loan with us you will already have the Loans Life Insurance Cover automatically, and if you apply for a loan with us in the future the Loans Life Insurance will automatically be applied*.
If you have any questions or would like to discuss your account with us, please give us a call or email us.
*Terms and Conditions apply.