Life Savings Protection was created as a support to help Credit Unions reward members for depositing money into shares and maintaining these share balances over time.
Why Life Savings Protection?
Offering Life Savings
is a great way to differentiate the Credit Union from traditional financial organisations.
Without member savings, the Credit Union’s ability to lend
to other members is greatly diminished.
Promoting a ‘savings culture ‘ and positive savings experience is an essential part of the Credit Union model.
CMutual’s Life Savings Insurance is designed to reward members who save, and thereby assisting Credit Unions in encouraging a positive savings habit and experience.
Members can bequeath their savings and Life Savings benefits, built up over time through the Credit Union’ to their beneficiaries.
This assists family members with additional funds to support end of life expenses at the very time they need some additional financial support and assistance.
How does it Work?
Life Savings provides the member’s family with a single lump sum payment to cover end of life expenses, in the event of the member’s death. There are two broad categories of CMutual’s Life Savings Insurance; those that calculate benefits based on the age the member lodged their savings (known as Age of Deposit programs); and those that calculate benefits based on the age the member dies (known as Age of Death programs).