In addition to Loan Protection/Life Savings Insurance your Credit Union can offer members additional Death Benefit Insurance designed to relieve the burden of bereavement costs. Life Insurance and Death Benefit Insurance will together provide added security for eligible members and relief from financial worry at the time of death of a member. The Board of Directors now offers this product through dividend deuction annually or where insufficient dividend exists, through payment and signed form. Thereafter sufficient shares should be kept in your account so that this premium may be deducted annually after agreement at the Annual General Meeting. Cover for a sum of £2000 will cost £9.84 for 12 months.
Members are eligible provided:
- A member joins the Credit Union before the age of 70 – cover will continue provided the premium is paid annually.
- A member must have been eligible for cover under the life savings contract i.e. fit to follow their normal occupation, and remained a member of the Credit Union.
- The member agrees to save regular amounts.
An eligible member who becomes ill does not lose benefit under this insurance.