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Loan Protection Insurance

One of the attractions of a loan with Torrent Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.

What is Loan Protection Insurance?

In Torrent Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.

Loan Protection Insurance is payable subject to policy terms and conditions.

  • The insurance benefit payable is the amount of the member’s outstanding loan balance.
  • Cover ceases on the member’s 85th birthday.
  • The cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid.
    1. The total and permanent disability must be medically determined.
    2. The total and permanent disability must commence before the 65th birthday.
Death Benefit Insurance

In addition to Loan Protection/Life Savings Insurance, Torrent Credit Union also offers the member special Death Benefit Insurance (DBI) cover.

Death Benefit Insurance gives members and their families added security and relief from financial worry especially at the time of bereavement. An insurance payment of £2,000 is paid out towards funeral expenses.

Torrent Credit Union only pay Death Benefit Insurance on receipt of (a) The members Death Certificate and (b) Original Funeral Invoice. The insurance is paid to the person who paid the funeral bill and who has been invoiced accordingly.


  • Member joined the credit union before age 70 in good health or while actively and regularly carrying out their normal occupation or duties and,
  • Has continued to be a member of the credit union and maintain the minimum amount of savings in their account as required by the credit union for inclusion in DBI, i.e. at no time has account balance been zero.
  • The member has had enough in their account to meet the minimum premium and have given written permission for it to be deducted from shares.
  • The member has received enough dividend to all the premium to be reduced by this amount.

Terms and Conditions Apply.