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The credit union provides Life Savings Insurance cover on the savings of eligible members. The amount of insurance benefit depends on the amount of savings held in the credit union at the time of death and the member's age at the time of lodgement.
Savings lodged before age 55 years - 100% insurance bonus
Savings lodged 55 - 59 years of age - 75% insurance bonus
Savings lodged 60 - 64 years of age - 50% insurance bonus
Savings lodged 65 - 70 years of age - 25% insurance bonus
No insurance is payable on amounts saved after 70th birthday
Withdrawals after 70 can reduce total insurance amount
A member is eligible for Life Savings Insurance cover if they have joined the credit union before the age of 70 years and are actively at work or in good health at the time of lodgements. In certain circumstances a Declaration of Health form may be required. The maximum amount of savings covered by this insurance is £10,000.
The premium for this insurance is paid by the credit union and there is no extra cost to the member.
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