The savings insurance works by your age when each deposit was made:

• 100% is paid for deposits made between your 16th and 65th birthdays
• 25% between your 65th and 80th birthdays

Although there is no cover for deposits after your 80th birthday, you will still be insured for all savings up to this point.

For members with particular health problems, there is a delay before a deposit is covered by the policy. If they die of this condition, a beneficiary receives 100% on top of shares deposited up to 6 months before their death.

If a member is killed in an accident, the beneficiary will receive 200% on top of shares. If a member loses their sight, hands or feet as the result of an accident, up to 100% of their shares at the time of the accident can be paid to them, to help with financial effects of the injury. This benefit can only pay out once for each member.

The Loan Protection insurance has a similar element, to protect members who are totally and permanently disabled by a medically diagnosed illness or injury, so that they are unable to work their current job or any other job that they are qualified for. If this occurs, or if a member dies, the credit union will receive a payment to cover the outstanding loan balance, provided the account is not in arrears. This gives members added peace of mind when borrowing from the credit union, as there is no legacy of debt for family members to deal with at a difficult time. Full details are available from the office.

For members who wish to borrow, Grampian Credit Union can now offer Accident, Sickness and Unemployment insurance, which protects your loan repayments if you are unable to work for a period of time.

Available to members who:

• Are between 18 and 65
• Are not in receipt of a state retirement pension
• Reside in the UK Channel Islands or Isle of Man
• Have been in work continuously for the past 6 months.

It can be taken out on loans over 12 months and longer, and is underwritten by Aviva Insurance Ltd.

Unlike high street finance insurance, (which is often over-priced to make up for profits lost by promoting low interest rates on loans) this insurance is specifically designed for credit union loans. It is based on the repayment rather than the loan amount, and is charged every time a payment comes in - in the same way as the interest. This means that if you clear your loan early, insurance payments would stop, so you only pay for the cover that you have used. Basing the insurance on repayments also means that it can suit every member’s budget. If you can only afford to make small repayments to your loan, the insurance cost is in proportion, adding only a small amount to your deduction (£7.41 per £100 to loan and interest). For example, if you borrowed £500 over 24 months, the monthly payment would be £27.50. Insuring your loan makes the monthly payment £29, so you can have peace of mind without breaking the bank.

Insurance usually needs to be arranged at the same time as a loan, but since this is a new service to members, anyone looking to cover an existing loan can call the office to discuss it.

If you are not looking to borrow in the near future, you will still benefit indirectly from this new service, since it is likely to reduce the number of loans that need to be written off. Please note that although this additional service is now available, we are still your credit union, and will still take a sympathetic approach if your circumstances change, regardless of insurance.

FamilyLIFE+ is a unique, guaranteed, whole of life protection product for you and your family that provides peace of mind at an affordable price. Insure yourself, your Spouse/Significant Other, your parents or the parents of your Spouse/Significant Other, plus your children (subject to a maximum of 12 insured persons). Children are free until their 18th Birthday.

You can choose the benefit amount and the cover is guaranteed for as long as premiums continue to be paid to the Insurer and until the last of the insured persons die.

Many life assurance policies take months or even years to settle claims, which mean that individuals can be under financial pressure from costs arising from bereavement of a family member. FamilyLife+ claims are settled within 48 hours.

Who can take this cover out ?

To apply for a policy you must:

• Be aged 18 years or over and under 70 years
• Be a resident in the United Kingdom

How much does it cost?

FamilyLIFE+ starts from as little as £2.00 per person per month. Your monthly premium will depend on:

• the benefit level chosen
• your age at the date you apply for cover
• the amount of people you decide to add to your policy and their ages at the date you add them to the policy

The available options and related premium rates are shown in the table:

Benefit Amount (payable for each Insured Person upon death)

Benefit Amount (payable for each Insured Person upon death)	PLAN A £2000	Plan B £3000	Plan C £4000	Plan D £6000
Age at date added to the policy	Monthly Premium	Monthly Premium	Monthly Premium	Monthly Premium
<18*	£0	£0	£0	£0
18 to 29	£2.00	£3.00	£4.00	£6.00
30 to 39	£3.00	£4.50	£6.00	£9.00
40 to 49	£5.00	£7.50	£10.00	£15.00
50 to 59	£7.00	£10.50	£14.00	£21.00
60 to 64	£10.00	£15.00	£20.00	£30.00
65 to 69	£13.00	£19.50	£26.00	£39.00

There is a lifetime guarantee that the premium rate will not increase as insured family members get older (*with one exception, children who reach the age of 18 and remain on the Policy, pay the premium related to ages 18-29 for the duration of their policy).

Waiting Period

A six-month waiting period applies to each insured person. Each insured family member is fully protected after the initial waiting period, with all individuals covered for Accidental Death during this waiting period.

MortgageCover+ from Cuna Mutual Group is a simple, stand alone mortgage protection insurance product, that will meet members mortgage repayments and related outgoings in the event they are unable to work due to accident sickness or involuntary unemployment. It complements the protection already offered on Credit Union loans.

• Simple online web application – Just 5 minutes to complete
• Choice of cover levels and benefit terms to suit your needs
• Ability to change cover levels at any time - no tie in
• Option to extend your cover to include essential bills e.g. Council Tax
• Stand-alone product – benefit is paid direct to you and is not attached to a mortgage
• Competitive premiums, excellent service and outstanding claims support

The policy is fully underwritten by CUNA Mutual Life Assurance (Europe) Limited.

• choose from 3 levels of cover: comprehensive, third party fire and theft or third party only
• windscreen cover included - no policy excess if windscreen is repaired
• option to protect your no claims bonus
• £75,000 Legal Cover
• £1000 cover towards replacement locks and keys included
• up to 90 days foreign use travel included as standard
• optional breakdown and warranty cover available

• Choose from 3 types of cover - contents only, buildings only or both combined
• personalise the cover that suits you so you only pay for what you need
• accidental damage to tv's and home entertainment systems as standard with contents cover
• optional cover for personal possessions away from the home
• cover provided from a wide range of insurers - we search the market so you don't have to
• up to £50,000 Legal Expenses cover included as standard
• £1000 cover towards replacement locks and keys included
• UK only call centres

• choose from single trip or annual cover
• tailor the quote to suit your requirements - single traveller, couple or family
• pre existing medical conditions catered for without separate screening - all handled in one call
• no upper age limit(single trip policies)
• optional winter sports and golf cover
• cover includes medical emergencies, cancellation, missed departure, personal accident, baggage, personal liability and much more.