Life Insurance Cover for our Members
Free Benefit to Members
A unique benefit of membership with us is free life insurance offered to our members for savings up to a maximum of £5,000.
In the event of a member's death, savings held with us is covered with free life insurance, providing a payment of up to double the value of savings up to £5,000, to the member's nominated beneficiary included in the membership application.
How does it work?
To help explain, here's an example:
When Brian opened an account with us, he nominated his daughter Donna to be his beneficiary for his savings and any life insurance in the event of his death. When Brian passed away, he had £3,000 in a savings account with us. Donna contacted us to let us know, providing a death certificate and completing a form with us which we passed onto our insurers, who checked to confirm he was eligible under the scheme. Once the checks were completed, the insurers matched Brian's savings and sent us £3,000. We were then able to pass to £6,000 to Donna - Brian's savings of £3,000 as his nominated beneficiary, and the further £3,000 for the insurance cover. In most cases, the insurance payment is made within a week of the claim being made.
Terms and conditions apply for eligibility to the insurance, including age and pre-existing health conditions. Please contact us for more information.