Will you be able to maintain loan repayments if you are not working as a result of poor health, an accident or redundancy?

All loans issued by Citysave Credit Union (aged over 18 and under the age of 65, to a maximum of £10,000) receive FREE life insurance for the primary person named on the agreement.

However, many members experience financial difficulties at some point in their life, often through no fault of their own. Accordingly, we always encourage our members to consider the benefits of taking out additional cover.

Citysave can arrange optional payment protection insurance cover, which will be provided by CUNA Mutual Insurance Europe Limited, as follows:

• Accident and sickness cover which will meet your repayment if you are unable to work as a result of accident or sickness. The cost of this cover is £4.31 per £100 repayment issued.

• Accident, sickness and unemployment cover which will meet your repayment if you are unable to work as a result of accident, sickness or unemployment. The cost of this cover is £ 6.91 per £100 repayment insured.

The cost of protection varies with the size of the loan that you have with the Credit Union, however in most cases this method of achieving total piece of mind cost just a few pence a day.

What happens if I already have a loan out and now want payment protection?

This shouldn’t be a problem. As long as the loan is with Citysave Credit Union and you have not already missed any payments then the normal terms and conditions of the policy apply. Please contact us for more information.