Insurance
Taxi Trade Credit Union also offers all eligible members insurance services. All of this insurance cover is paid directly by the credit union and at no additional expense to the member. The insurance cover currently provided for by Taxi Trade Credit Union in respect of eligible members are:
Loan Protection Insurance
| Life Insurance Benefits | In the event of the death of a life insured while this policy is in force, life insurance benefits up to the insured loan balance are payable. |
| Term Of Insurance | The term of insurance is one month. This policy is continuous and will renew for successive terms until terminated. |
| Age Limit | Member's 80th Birthday |
| Single Premium Rates | 0.57 per £1,000 per month of the month-end insured Loan Balance of the members' loans |
| Premium Frequency | Monthly |
| Loan Amount Limit | The maximum loan amount limit covered for a member is £15,000. |
| Loan Term Limit | 5 years |
| Date of Issue | 01/10/2021 |
| Classes of Loans Excluded | None |
Life Savings Insurance
| Life Insurance Benefits | In the event of the death of a life insured while this policy is in force, life insurance benefits up to the insured loan balance are payable. |
| Term Of Insurance | The term of insurance is one month. This policy is continuous and will renew for successive terms until terminated. |
| Age Limit | A member does not qualify for cover on any savings which were deposited on or after the member's 80th birthday |
| Single Premium Rates | 1.20 per £1,000 per month of the month-end insured Loan Balance of the members' savings |
| Premium Frequency | Monthly |
| Savings Limit | £10,000. |
| Classes of Savings Specifically Excluded | None |
| Date of Issue | 01/10/2021 |
| Classes of Loans Excluded |
If the member's attained age on the date of Deposit was 16 - 64 the amount of benefit is equal to 100% If the member's attained age on the date of Deposit was 65 - 79 the amount of benefit is equal to 25% |
