Life savings and loan protection are free benefits that we offer to our members that you would not get from other financial services providers.

Life Savings Benefit

Life Savings Benefit is a free safeguard offered by Scotwest Credit Union automatically to its members. In the event of your death, it provides your family with a single lump sum payment.

It is a financial benefit that supports your family when they most need it, giving you a level of protection that you simply would not get with traditional banking institutions.

Life Savings Benefit is designed to recognise and reward your family for your commitment to save. The value of this payment is directly linked to your savings: the more you save, the higher the benefit payment.

As of 1st April 2021:

• Up to a maximum value of £3000, every £1 in savings will be matched by £1 of benefit. This means that in the event of your death your beneficiary may receive an additional payment matching your savings up to £3000.
• The benefit will be calculated based on your savings balance up to the age of 70. Deposits made after the age of 70 do not contribute to the benefit payable.

The terms of this member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

Please note: This is not an insurance policy.

Loan Protection

Loan Protection is a free safeguard offered by Scotwest Credit Union as a benefit automatically to its members. Your family can be secure in the knowledge that your Scotwest Credit Union debt* (up to an aggregate maximum value of £15,000) can be cleared, giving them peace of mind at a difficult and uncertain time.

Loan Protection is designed to help support you and your family by providing them with financial security ensuring that, when your family most need it, your debt* is paid off.

The terms of this member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

*Loan Protection is provided on all unsecured loans. All other loans, excluding mortgages, are covered up to and including the age of 79.

Please note: This is not an insurance policy.