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Members Death Benefit Scheme
With our Members Death Benefit Scheme, your credit union pays to insure your savings and loans at no cost to you.
How are my savings insured?
As a unique benefit of credit union membership, your credit union pays to insure your savings through our Members Death Benefit Scheme. This means that if the unthinkable happens, the person you have nominated (your beneficiary) will receive your savings plus the insured amount up to a maximum of £2,500. There is no cost to you for this benefit.
How much cover do I have on my savings?
According to your age at the time of death, we will match up to £2,500 of your savings and pay this amount to your chosen beneficiary. See below for levels of cover:
When does the cover not apply on my savings?
If you die from a pre-existing medical condition, any new deposits made in the last six months are not covered. The insurance also does not cover death due to HIV/Aids, suicide, terrorism or war.
How is my loan insured?
Your credit union pays for insurance on your credit union loan through our Members Death Benefit Scheme. This means that if you die, your credit union loan balance can be paid off, so you neednít worry about passing on debt to your next of kin (terms and conditions apply). This benefit aims to fulfil one of the credit union movementís principles by ensuring that the memberís debt dies with them. It is a unique benefit for our members, for which other financial service providers would charge you extra.
How much cover do I have on my loan?
Our insurance automatically covers 100% of a maximum value of £2,500 towards loans held by members aged between 18 and 70.
When does the cover not apply on my loan?
If you die as a result of a pre-existing medical condition (for which medical advice, consultation or treatment was received), within 6 months of taking out your loan, the insurance will not apply. The insurance also does not cover death due to HIV/Aids, suicide, terrorism or war.
With effect from 1 June 2012 the Members' Death Benefit Scheme is funded by Hull & East Yorkshire Credit Union. The level of benefits is exactly the same as when the former scheme (Life Savings and Loan Protection Insurance) was provided through the CUNA Mutual Group. Therefore none of our members are adversely affected by this change..