Life Savings
This group policy supports Credit Unions and other affinities in providing valuable life insurance to their members as an additional benefit.
Benefit is linked to the members savings balance subject to a maximum level set by the Credit Union.
For more information speak to your Credit Union.
Life Savings
How It Works?
o Credit Unions can define the benefit structure to meet their budget and their members needs including:
o Basis for benefit payable. This can be “Age at Deposit” (i.e. based on the members age at the time a savings deposit is made) or “Age at Death” (i.e. based on the members age when they die)
o Eligibility criteria for members
o Maximum benefit amount
o If additional benefits should be payable in the event of accidental death
o Automatic enrolment of eligible members with no individual underwriting
o Community rated based on Credit Union demographics / historical experience
