Loan Protection & Life Savings Cover

Loan Protection Cover*

As a responsible lender we take great care to make sure that you can afford to repay any loan we grant. But what if the worst happens and you are no longer around to make the payments?

All our loans come with Loan Protection Cover as standard up to the age of 70 and includes cover on Pre-Existing Conditions. Provided by our trusted insurance partner CUNA Mutual who offer insurance products exclusively to Credit Unions, Loan Protection Cover is provided at no cost to you, saving you money and giving you the peace of mind that you’re not leaving a financial burden on your family.

Life Savings Cover*

Saving with your Credit Union really does add up with our unique Life Savings Cover. Provided at no cost to you, Life Savings Cover will match the first £1000 of your total deposits with us providing your loved ones some additional financial comfort up to the age of 65.

Please note withdrawals made on or after your 65th Birthday may affect the benefit received from a life savings protection claim. The insured amount is calculated by taking the lowest balance between age 65 and the date of death.


We have provided some examples to help explain the benefit cover:


EXAMPLE 1 – Jean has saved £1,500 before age 65 before passing away age 77 with a balance of £3,500.

Jean did not withdraw any savings during this period.

Jean’s lowest balance during the period after her 65th Birthday would have been £1,500 and the insured benefit would be the maximum £1000.


EXAMPLE 2 – Stanley has also saved £1,500 before age 65 before passing away aged 75 with a balance of £5000.

Stanley made a withdrawal at age 66 which reduced his balance to £500.

Stanley’s lowest balance during the period between his 65th Birthday and the date he passed away was £500, therefore the insured benefit would be £500.


*Terms & Conditions apply.


Payment Waiver

On 14th January 2014 the Scottish Police Credit Union Limited (SPCU) launched the first payment waiver protected loans in Scotland with ethical insurers CUNA Mutual.

Designed to protect our borrowers when they need it most, Payment Waiver is available on all of our Standard Loans, including our stand-alone Car, Holiday, Home Improvement, Car Repairs and Leisure Loans approved since 14th January 2014.

In addition to these loans, members who have a Budget Booster or Pre-Retirement Loan approved after 14th January 2014 will also benefit from payment waiver cover. Please note however that in the case of the Pre-retirement Loan, the cover is for the monthly interest only payments and does not extend to the final lump sum payment due at the end of the loan term.

This is a drastic move away from the old Payment Protection model and is unique as it is a feature of the loan product and the cost of providing cover is met by SPCU and not by the borrower.

Simply put, if an SPCU member is unable to work long-term due to an accident or sickness all they require to do is contact SPCU after 4 months have elapsed and all payments due on their loan thereafter will be waived for up to 18 months.

No arrears are built up, no credit scores are affected and throughout the process the loan amount continues to decrease whilst the member is off work, providing peace of mind when they need it most.

And There’s More Too…

We have free competitions with great prizes and free giveaways for our Members too. Why not check out our Members Area where you can change your details, reset passwords, see your accounts and withdraw cash. It’s easy to Register and take control!

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