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Death Benefit Insurance (DBI) is available to anyone who is in good health and who joins Kildress Credit union in advance of their 70th birthday.
Unique to Credit Unions, your savings are covered by a free to members insurance (Death Benefit Insurance) so if the unthinkable should happen, normally your savings, plus £2000 will be passed to your next of kin or nominated person(s). Note: terms and conditions apply. (For information on nominations see membership area). The annual premium for the insurance varies annually. This year Kildress Credit Union paid the premium for Members as an operational expense. Should you wish to be covered under DBI and do not meet the qualifying criteria (see below) you can still get cover by paying the annual premium at the Credit Union office.
Certain terms and conditions do relate to this facility, which include:
A member must be in good health.
The member has a minimum of £100 in his/her account.
If a member joins the credit union after the age of 70 then Death Benefit Insurance cannot be provided.
The maximum amount that can be paid to next of kin or a nominee is £20,000. Any remaining monies will be sent to the deceased members estate.
You are advised to ensure that you have nominated someone to receive your shares in the event of your death. Please contact the Credit Union office for advice.
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