Life Savings Insurance

One of the hidden benefits of being a member of Discovery Credit Union is free life insurance on both your savings and loan balances.

We believe in looking after our members and their family's. Our free life insurance clears any loan balance and pays up to 100% on top of your your shares to your chosen beneficiary in the event of your death. There are some limitations due to age or health.

The insurance is provided by CUNA Mutual (www.cuna.org) which has a long history of working with credit unions throughout the world. This is an important benefit often overlooked by members.

Life Savings

100% is paid for deposits made between your 16th and 65th birthdays. So, every pound deposited with us under age 65 carries £1 of life insurance cover.
This means that should you die aged 63 with £300 in your share account, your named beneficiary would receive your £300 share balance plus £300 from the life insurance policy.
Savings deposited between age 65 and 80 carry a 25% insurance value so if a member deposits £300 into their share account during their 65th and 80th birthday, the life insurance policy would pay £75.
For members with particular health problems, there is a delay before a deposit is covered by the policy. If you die of this condition, your beneficiary receives 100% on top of shares deposited up to six months before your death.

Note: Insurance only covers up to £7,500.00 in savings, subject to the T&C’s mentioned above. Members can save up to £30,000.00 with the Credit Union.

Nominate your beneficiary

Our joining form asks you to declare who you would like to nominate as your beneficiary in the event of your death. This person should be aged 16+.

Please remember to keep your beneficiary up to date and if you wish to change your beneficiary at any time, please advise us in writing and we will amend our records.

You can download a "Change of Beneficiary Form" from our Downloadable Forms section