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Life Savings insurance is the life insurance cover which credit unions provide for all eligible members as an additional incentive to save regularly and maintain savings with the credit union. There is no direct cost to credit union members for this valuable benefit.
The amount paid out in the event of an eligible member’s death will be dependent on their savings history with the credit union over the years. Once earned, your insurance remains in force as long as the member leaves the savings in the credit union. Withdrawals may affect the amount payable.
Certain terms and conditions do relate to this facility, which include:- Savings have to be lodged before 70th Birthday.
- When you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health, and
- Limits apply to the maximum amount payable. Contact the Credit Union office for details.
Should you require any further information on any of the above insurances please contact the Credit Union office where staff will be only too willing to help.
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