|
Who is Insured? Insurance is on the member whose name appears first on the savings account. Second named members are not insured. You do not need to sign up for your insurance to start. For trust accounts, insurance is on the first named beneficiary of the trust. However, if there is a written trust agreement stating that the trustee is the true owner of the account, then the trustee is the insured person.
Who Pays the Premium? The Credit Union pays the premium. You pay no direct charge to keep your insurance in force.
Beneficiary. You may name the person to whom you want the proceeds of your insurance paid. If you do not have a beneficiary on file, the proceeds will go the the joint owner of the savings account.
How Much Do We Pay? The amount of your insurance is based on the insured balance of your savings on the date of your death and how old you were on the date of each deposit that makes up that balance as follows:
0 -6 months 25% of that insured deposit
6 months thru 54 years 100% of that insured deposit
55 years thru 59 years 75% of that insured deposit
60 years thru 64 years 50% of that insured deposit
65 years thru 69 years 25% of that insured deposit
70 years or older 0% of that insured deposit
Please note your insurance is based on your age on the date of each deposit for which you are insured and does not decrease as you grow older. Withdrawal of savings will be on a last-in/first-out basis. The insured portion of your savings balance may not exceed $2,000.00. This group policy can be stopped at any time by either CUNA Mutual or the Credit Union after prior notice is given.
|
