Get Free Life Insurance Coverage as a Member of ESLCU
As a member of Eastern Savings & Loans Credit Union, you can enjoy free life insurance coverage on your savings and loans. This valuable benefit ensures peace of mind and protects your loved ones in case of the unexpected. It’s available at no extra cost to members aged 18 to 79.
Life cover at Eastern Savings & Loans Credit Union protects your savings and repays loans if you pass away before paying them off (Ts and Cs apply). The coverage amount depends on your age when you contribute. It’s 100% for members aged 18-64 and 25% for those aged 65-79, with a maximum cover of £5,000. You’re not eligible for free life insurance if you’re under 18 or over 80.
Here are some examples of how our life insurance works:
John saves £2,000 before turning 65. After he passes away at 65+, his beneficiary could receive £4,000: the £2,000 he saved, plus £2,000 in insurance coverage.
Emily saves £2,000 after 64. Upon her death, her beneficiary could receive £2,500: the £2,000 she saved, plus 25% (£500) insurance coverage.
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Members of ESCLU who are aged 18-79 and have been a member for 6 months are eligible for free life insurance coverage.
An original death certificate and GP details are required. A medical report may be requested. A beneficiary must complete an Indemnity Form before the funds are released.
If no beneficiary has been named, any money owed will go to the deceased’s estate. This total will then be distributed according to their will. If you have any specific questions regarding beneficiaries, please contact our team on 03336 000690.
Successful claims will firstly be used to clear any monies owed to Eastern Savings & Loans Credit Union. The remaining monies will be transferred to the beneficiary(ies) previously nominated by the deceased member for an amount up to £5,000.
If a member passes away due to a pre-existing medical condition, any new loans or deposits made within the six months before death are not covered by the insurance. In such cases, the outstanding loan balance would need to be settled from the member’s estate.
The policy excludes deaths from HIV/AIDS, suicide, terrorism, war, and pre-existing conditions if deposits or loans were made within six months of death.
The ESLCU Board of Directors reserves the right to amend or withdraw the free life insurance and loan insurance scheme at any time.
For more information, please email office@eslcu.co.uk
Your new spouse automatically becomes the Beneficiary of your Credit Union savings, and any insurance covered. If you would like your savings and possible insurance to go to someone else, please complete a new Beneficiary form after the date stated on marriage certificate.
