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Life & Loan Insurance
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FREE LIFE INSURANCE
All Regular Share Accounts at the Credit Union carry life insurance of up to $2,000 at no cost to our members.
This insurance is based on the following deposit schedule:
- Prior to age 55 100%
- Age 55 through 59 75%
- Age 60 through 64 50%
- Age 65 through 69 25%
- Age 70 and over 0%
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For Example:
- If you deposit $2,000 in your savings account by the time you are 40 and it remains in your account until your
death, then your beneficiary receives $4,000 ($2,000 that you deposited and $2,000 in insurance).
- If you deposit $1,000 in your savings account by age 50 and then another $1,000 at age 56, and this $2000
remains in your account until your death, then your beneficiary receives $3,750 ($2,000 that you deposited,
$1,000 in insurance from the deposit made before age 55, and $750 for the deposit made after age 55).
FREE LOAN INSURANCE
All Credit Union loans are insured up to $10,000. In the event of the death of the borrower, the balance
of the debt (up to $10,000) is covered by insurance and not the survivors (this is not available to members age 70+).
This service is provided at no cost to our members and it applies to all loans.
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