Savings Insurance
Get Peace of Mind Knowing Your Money is Safe
All members’ savings are insured at no direct cost to the member.
When you join Manchester Credit Union you will be required to complete a Nomination Form which informs us who you have nominated as your beneficiary. The beneficiary does not have to be your next of kin and can be more than one person. You can change your beneficiary at any time.
Savings Insurance
In the event of your death or total and permanent disability, deposits made before your 65th birthday will get 100% cover. Anything deposited between the ages of 65 and 80 will get 25%.
Savings (Shares)
Deposited up to age 65 - £1,000
Insurance
100% = £1,000
To next of kin
£2,000
Savings (Shares)
Deposited after age 65 - £500
Insurance
25% = £125
To next of kin
£625
Savings (Shares)
Total savings - £1,500
Insurance
Total Insurance - £1,125
To next of kin
Total paid out - £2,625
The amount of insurance depends upon your age when your savings were put in the credit union, not upon the age you are when you die, providing they have been left in the credit union during that time.
The maximum insurance pay out on any claim is £5,000.
