• Savings
• Insurance
  • Loan Protection
  • Life Savings
  • Death Benefits
  • Car
  • Home
  • Repayment Protection Insurance
  • Travel
  • Private Health Schemes
• Loans

Life Savings

Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

• The insurance benefit payable will be in proportion to the amount of savings that a member has made during the term of membership.

• The benefit is also dependent on the member’s age at the date lodgements are made to the account.

• Amounts saved after the 70^th birthday are not insured.  However, cover built up before the 70^th birthday remains in force after the 70^th birthday.

• Withdrawals of savings can affect Life Savings cover and any withdrawals are considered as from last in deposits.

• Some credit unions extend cover to include the “Accidental, Death and Dismemberment” Rider.  Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident.  Also if the member looses a limb or sight as the result of an accident then a benefit may be paid to member.  The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgements are made.