Tel: 01922 653310 Email: services@walsave.com

17 August 2017
Loan Protection Insurance

Added Piece of Mind for all Walsave Members

All members have life insurance provided free of charge by Walsave. This is provided by  Sterling Insurance Company,, the worldwide credit union insurance company, owned by and run for its member credit unions. In the event of a memberís death a claim will be submitted based on the value of the memberís savings. The membersí beneficiary, nominated when they join Walsave, will receive both the memberís savings and a sum from the insurance.

Benefits

One of the Benefits of saving and borrowing with Walsave is that both your saving loans are covered by free insurance.

At their most basic level, the life savings insurance is designed to provide your next of kin with additional funds, and is based on your savings balance whilst the loan protection insurance ensures that your next of kin is not held liable for any loan you have taken out (Subject to qualification).

Insurance is based on the age at death and stops on the member's 70th birthday.

Walsave will file all claims on the membersí behalf. Any queries regarding insurance should be made to Walsave's office

Note: The next of kin (beneficiary) details formed part of your original membership application form. If these details have changed, please inform the Walsave office in writing of the updated details. Remember to include your name, NI number and the full name, address contact number for your next of kin.

Loan Protection Insurance

The insurance cover for loans is as follows:

Up to Age 70

Again, this cover encompasses all members irrespective of whether they are at work or not and provided by the  Sterling Insurance Company.

For any queries or to request a claim form, please contact the Walsave office. Payment protection insurance is also available for that added security in case of Accident, Sickness or un-employment.

Where else would you receive free life insurance on your savings? Your next of kin could receive twice the value of your savings balance.

Function

Provides a unique edge when taking a Walsave's loan

  • It provides a valuable added benefit not available at other financial institutions
  • Peace of mind for you the member by ensuring the debt shall die with the debtor.
  • Pre-Existing Condition Limitation (PCL)

    • Loan Protection Insurance carry a 6-month pre-existing condition limitation (PCL) as standard.
    • Each new loan agreement a member makes is governed by the 6 month PCL.
    • Sterling Insurance Company,will not pay on the members outstanding loan balance if death results from a pre-existing illness or injury for which medical advice; consultation or treatment was received within 6 months prior to the date of that loan agreement.
    • This PCL lasts for a period of 6 months from the start date of the loan.  If the member dies 6 months or more after the date of the loan, this rule will not be applied.

    Coverage Limits

    • Sterling Insurance Company,pays amount equal to 100% of member's outstanding insurable loan balance at the time of death.
    • Member's are insured up to the Walsave insurable limits of £12,500
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    Walsave Credit Union Tel: 01922 653310 Email: services@walsave.com Web: http://www.walsave.com
    Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority registration no 213796