Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly.
A member is eligible for the insurance cover if, when they begin saving, they are:
- Under the age of 70
- Actively at work, or if not working, in good health
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and depends on the members age at date of lodgement.
Subject to a maximum benefit of £15,000, every £1 you save before the age of 55 provides £1 of insurance. Once you are over the age of 55 each £1 you save with your credit union provides the following benefit:
- £1 saved between ages 55-59 provides £0.75 insurance
- £1 saved between ages 60-64 provides £0.50 insurance
- £1 saved between ages 65-69 provides £0.25 insurance
No insurance is payable on amounts saved after your 70th Birthday.
Once earned, your insurance remains intact as long as you leave your savings in your account. Withdrawals may affect the amount payable.