Loan Protection (LP) and Life Savings (LS) Insurance

Insurance premiums are paid by the Credit Union as an operating expense.  Therefore, it is provided at no additional cost to the member.  Members’ loans and savings are covered by the CUNA Caribbean Insurance.

Loan Protection

All loans are insured up to a maximum of $40,500.00 provided that the member has not attained the age of 70 years.  This plan provides protection to the Credit Union for its members against the burden of any unpaid loans due to permanent disability or untimely death of the member.  With this insurance, the debt dies along with the member.  

Life Savings

All shares are insured up to a maximum of $20,000.00.  Only shares purchased prior to the member attaining the age of 70 years are covered under this plan.  The Life Savings insurance is a group insurance which provides benefits to the member's beneficiary in proportion to the amount of savings the member has at the Credit Union.