Tel: 01922 653310 Email: services@walsave.com

24 June 2017
Life Savings Insurance

Free Added Piece of Mind for all Walsave Members

All members have life savings insurance provided free of charge by Walsave. This is provided by Sterling Insurance Company, the worldwide credit union insurance company, owned by and run for its member credit unions. In the event of a memberís death a claim will be submitted based on the value of the memberís savings. The membersí beneficiary is nominated when they join Walsave, will receive both the memberís savings and any sum paid from the insurance.

Benefits

One of the Benefits of saving and borrowing with Walsave is that both your saving loans are covered by free insurance.

At their most basic level, the life savings insurance is designed to provide your next of kin with additional funds, and is based on your savings balance whilst the loan protection insurance ensures that your next of kin is not held liable for any loan you have taken out.

The amount of insurance coverage is:

a. 100% coverage of the members balance at the age at deposit age 16 to 65th Birthday, and
b. 25% coverage of the members balance at the age at deposit age 65th to 79th  Birthday:
Insurance is based on the age at deposit and stops on the member's 79th birthday.
Walsave will file all claims on the membersí behalf. Any queries regarding insurance should be made to Walsave's office.

Function

  • Life Savings insurance enables Walsave's members to obtain life insurance at no direct cost to themselves
  • It provides a valuable added benefit not available at other financial institutions
  • This cover attracts and maintains members and their savings.
  • It also encourages members of Walsave to maximise savings to secure higher insurance benefits

Pre-Existing Condition Limitation (PCL)

  • Life Savings Insurance carries a 6-month pre-existing condition limitation (PCL) as standard.
  • Each new share deposit a member makes is governed by the 6 month PCL.  Sterling Insurance Company,will not pay on the members outstanding share balance if death results from a pre-existing illness or injury for which medical advice; consultation or treatment was received within 6 months prior to making the share deposit.
  • This PCL lasts for a period of 6 months from the start date of each share deposit.  If the member dies 6 months or more after the date of the share deposit, this rule will not be applied.

Important

Insurance is based on the age on the date of each deposited amount by the member. This deposit does not increase or decrease as they grow older providing that the members deposits remains in that members savings account. The member must also remain a member of Walsave credit union. Withdrawal of any savings from the members account will reduce the memberís insurance cover based on the withdrawal being taken from the earliest deposited amounts.

Note: The next of kin (beneficiary) details formed part of your original membership application form. If these details have changed, please inform the Walsave office in writing of the updated details. Remember to include your name, NI number and the full name, address contact number for your next of kin.

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Walsave Credit Union Tel: 01922 653310 Email: services@walsave.com Web: http://www.walsave.com
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority registration no 213796