Insurance

A major benefit of Credit Union, over other lenders is the comprehensive insurance cover offered to members at NO ADDITIONAL COST. Insurance is purchased through ECCU, a company owned by the ILCU. Cover Includes:

Loan Protection Insurance

A-B-C Credit Union also provides, at no extra cost, Loan Protection Insurance Cover for eligible members. To be eligible for this insurance a Member must be actively at work or in good health on the date the loan is granted. Again a Declaration of Health Form may be required. Loan Protection Insurance cover ceases at age 80 and therefore the entire loan balance must be secured before 80th birthday.

Life Insurance on Shares

A-B-C Credit Union provides Life Savings Insurance cover on the savings of eligible Members. The amount of insurance benefit depends on the amount of savings held in the Credit Union at the time of death and the Member’s age at the time of lodgement. Savings withdrawn will affect insurance claims.

  •  Every £1 saved before the age of 55 Provides £1 of Insurance
  • Every £1 saved during the age of 55-59 Provides 75p of Insurance
  • Every £1 saved during the age of 60-64 Provides 50p of Insurance
  • Every £1 saves during the age of 65-69 Provides 25p of Insurance

A Member is eligible for Life Saving Insurance Cover if they have joined the Credit Union before the age of age of 70 years and are actively at work or in good health at the time of lodgements. In certain circumstances a Declaration of Health Form may be required. The Maximum amount of savings covered by this insurance is £15,000.

Death Benefit Insurance

This is an additional insurance covering all participating members. The death benefit insurance is currently £2500. Death benefit insurance will give you and your family added security and relief for a small monthly fee.

Nomination of Insurance Benefits

Members can complete a Form of Nomination that allows them to name beneficiaries for their savings and insurance.

Credit Union Latest News

Latest News

Vacancy: Temporary Cashier (Part-time)

June 19th, 2020

Revised opening hours from Monday 15th June 2020

June 15th, 2020

Revised opening hours from Monday 8th June 2020

June 8th, 2020

May Bank Holiday Closure

May 4th, 2020 Click here to read more news ››

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Insurance

A-B-C Credit Union offers a range of insurance services.

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A-B-C Credit Union Limited is authorised and regulated by the Financial Services Authority (FSA)

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