Insurance

At Enterprise Credit Union, your membership comes with free protection. We provide Life Savings and Loan Protection for all of our members, meaning your savings and loans are safeguarded, giving you the confidence to save for tomorrow and borrow for today.

Insurance Benefits of ECU Membership

Included with your ECU membership, you benefit from the following:

Life Saving Protection

Leave your loved ones a cash lump sum when you die, with Life Savings Protection*

Saving with your Credit Union really does add up as it includes the additional benefit of Life Savings Protection, which can be a real financial comfort to your loved ones should you die. It could help towards funeral costs or could be left as a legacy for your loved ones.

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* Subject to terms and conditions. Cover limits and certain restrictions apply based on savings balance and on age at death or age when savings were made. Individual limits and restrictions may also vary over time. Please ask at your Credit Union for more details about Life Savings Protection.

Loan Protection Insurance

Your Credit Union loan is protected in the event of your death* – helping protect your family from the financial burden of bereavement.

When you take out a loan with us you also get Loan Protection. If you were to die before your Credit Union loan is repaid, this protection can help towards settling the debt, so that it isn’t passed on to your loved ones.

This benefit is included at no extra cost to you as part of your Credit Union loan arrangement*

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*Subject to terms and conditions. Cover limits vary and certain restrictions apply based on age and cover. Please ask at your Credit Union for more details about the individual limits and restrictions of Loan Protection.

Our Additional Insurance Products

Member Protection Plan (MPP)

The main purpose of Member Protection Plan (MPP) is to provide basic life cover to Credit Union members at an affordable price. It is an additional service designed to lighten the financial burden of bereavement.

Find out more

Member Protection Plan (MPP)

The main purpose of Member Protection Plan (MPP) is to provide basic life cover to Credit Union members at an affordable price. It is an additional service designed to lighten the financial burden of bereavement.

Find out more

What our members say

Benefits of joining Enterprise Credit Union

Dividends payable annually based on savings balances
Withdrawals and deposits can be made directly to and from your bank account
Life cover at no extra cost – Savings doubled up to a maximum of £15,000 in the event of a claim
Protected by the Financial Services Compensations Scheme up to £120,000 (see FSCS information sheet and exceptions list)
Payroll deduction available from some employers
No hidden costs or charges
Junior accounts available

Insurance FAQs

What insurance protection do I get as a member?

As a member of the credit union, you receive free insurance protection on your savings and loans, subject to the policy terms and conditions. This includes Life Savings Protection and Loan Protection at no extra cost.

Do I have to pay for this protection?

No. Both Life Savings Protection and Loan Protection are included as part of your credit union membership at no extra cost.

How much Life Savings Protection will be paid out?

The amount depends on your age at the time of death:

Up to age 65: your savings are matched, with a maximum insurance payout of £15,000
Age 65 to 79: the payout will equal 25% of your savings, up to a maximum of £15,000

All payments are subject to the policy terms and conditions.

What happens to my loan if I die before it is repaid?

If you are eligible for Loan Protection, the outstanding balance on your loan may be cleared, up to a maximum of £15,000.

This means your family or estate will not be responsible for repaying the remaining loan, subject to the policy conditions.

Who receives the payout when a member dies?

If a member is eligible, their total savings protection payout depends on their age and savings balance, up to a maximum insurance payout of £15,000.

You can nominate someone to receive up to £5,000 directly from your savings. This can be paid quickly without waiting for your estate to be settled.

Any remaining amount is paid to the estate in line with legal requirements.

We recommend keeping your nominee details up to date. If you would like to check or change them, please contact the credit union.

How does my family make a claim?

Your family or representative should contact the credit union as soon as possible.

We will guide them through the process and explain what documents are needed to complete the claim.

Are my savings protected in other ways too?

Yes. In addition to free Life Savings and Loan Protection, eligible savings are also protected up to £120,000 per member by the Financial Services Compensation Scheme (FSCS) if the credit union were to fail.