Savings Insurance
Life Savings Insurance (LS) is payable on the death of an eligible member, subject to policy terms and conditions. In the case of joint accounts, the member whose name appears first on the account is covered. The cover remains in force as long as savings remain in the Credit Union.
- All credit union members are eligible for this insurance
- The insurance benefit payable will be a proportion of the deceased members closing savings balance.
- The size of the payment also depends on the age of the member at the date of death and will decrease as the member gets older.
Age of Member at the date the Lodgement is deemed credited to Savings as an eligible balance |
Per cent of Insurable Balance covered |
| 0 to 6 months | 25% |
| 6 months – 54 years inclusive | 100% |
| 55 years to 59 years inclusive | 75% |
| 60 years to 64 years inclusive | 50% |
| 65 years to 69 years inclusive | 25% |
| 70 years or older | 0% |
