When you open an account, you get free life & loan insurance.
For you and your loved ones
We offer free life insurance on your savings & on your loan. The amount covered depends on your age when you put money into the credit union. Savings insurance has been designed to make the lives of families and next of kin easier in the event of death. A lump sum on bereavement can help towards funeral costs or could be left as a legacy for a loved one. Your loan balance could be paid off, so you needn't worry about passing on debt to your next of kin (Terms & Conditions apply). This benefit aims to fulfil one of the credit union movements principles by ensuring that the members debt dies with them. It is a unique benefit for our members, for which other financial service providers would charge you extra.
If you have a question that is not answered here, please contact us and we will be happy to help
The Free Life & Loan Insurance Scheme applies to members of Eastern Savings & Loans Credit Union who have been a member for a minimum of 6 months, and is provided at no direct cost to the member.Join Now
Life & Loan insurance is paid only:
• in the event of the member’s death;
• where the member was aged between 18 and 70 at the time of death; and
• when loan repayments were being made regularly on time up to the time of death.
We require an original death certificate and GP details before processing any claims relating to the deceased member. Claims cannot be processed with an interim death certificate. A medical report may be obtained from the GP regarding medical conditions.
Once the claim has been approved we require a beneficiary to complete an Indemnity Form to certify that they are entitled to the funds, which are released in full and final settlement of the member’s property in the credit union.
Successful claims will firstly be used to clear any monies owed to Eastern Savings & Loans Credit Union, secondly be transferred to the beneficiary(ies) previously nominated by the deceased member for an amount up to £5,000.
If the funds in the deceased member’s account(s) exceed the amount of £5,000 any excess will be paid to the deceased member’s estate in accordance with Grant of Probate or Letter of Administration.
If beneficiary details have not previously been provided by the deceased member, the funds will be distributed according to current Testacy Law.
If the deceased member dies from a pre-existing medical condition, any new loan agreements and deposits made in the last six months before death are not covered by the insurance. The outstanding loan would need to be settled from the deceased member’s estate.
The free life & loan insurance does not cover death due to HIV/Aids, suicide, terrorism or war.
The Board of Directors of Eastern Savings & Loans Credit Union has the discretion to alter, amend or withdraw the scheme at any time. The scheme that applies to a particular member is the one, if any, that is in force at the time of their death.
You can download the Free Life Insurance leaflet, or email us at firstname.lastname@example.org if you have any further questions or queries.
Got more questions or need more information? Feel free to get in touch.