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 member’s death, a claim will be submitted based on the value of the member’s savings. The members’ beneficiary, nominated when they join Walsave, will receive both the member’s savings and a sum from the insurance.
Life Savings Insurance
One of the Benefits of saving with Walsave is that your savings 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.
- 100% coverage of the members balance at the age at the date of death aged between 16 and their 64th Birthday, and
- 25% coverage of the members balances at the date of death aged between 65 and their 79th birthday
Insurance is based on the age of death therefore cover will cease on the members 80th birthday
Walsave will file all claims on the members’ behalf. Any queries regarding insurance should be made to Walsave's office.
- 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
- 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 member's 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.
Insurance is based on the members balances at the age of their death(maximum limits apply).This deposit does not increase or decrease as they grow older providing that the member's deposits remain in that members savings account. The member must also remain a member of Walsave credit union. Withdrawal of any savings from the member's account will reduce the member’s 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.
Terms & Conditions Apply to all of the above.