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Every year, we put aside money for every member in our Benevolent Scheme, to help with funeral expenses or increase the savings you are able to leave to your loved ones.
The named beneficiary of a deceased member will receive a lump sum of £25, £50 or £75 per year of active membership (£25 in years 1-5, £50 in yrs 6-25, £75 in yrs 26-30), up to a maximum of £1500 or the average of their highest savings in the last 3 years, whichever is less.
For instance, if you have been a member for 10 years and have a highest annual savings balance of at least £375 over your last 3 years of membership, you would leave an extra £375 on top of your savings, whatever your age at death.
If you have been a member for 25 years and have a highest annual savings balance of at least £1125 over your last three years of membership, you would leave an extra £1125 on top of your savings, whatever your age at death.
All loans taken out before your 70th birthday are covered by our free Life Insurance policy with CUNA Mutual, meaning that (with some exceptions) your loan would be cleared if you die.
The Board reserves the right, from time to time, to review the terms of the Benevolent Scheme* in order to maintain an appropriate balance between members’ and beneficiaries’ interests.
