Life Savings Insurance

This is a group life insurance which provides benefits to the member’s beneficiary in proportion to the amount of savings the member had in the Credit Union upon death. The actual benefit paid depends on the age of the member upon death. The age scale matched with benefits would have been previously agreed to with Credit Unions.

Who is covered?

If you are a member of a Credit Union, and have a Regular Savings account with your Credit Union, your savings is covered.

How do you collect benefits?

Upon the demise of a family member, file a death claim with your Credit Union anytime within 6 months from the date of the incident with or without the death certificate. You will need it however to complete the filing later. You can file as early as 7 days from the date of the incident, so your Credit Union can begin the claims process. After you have done this, your claim file will remain open for two (2) years from the date of the incident to allow you time to complete the filing process and grieve the loss of your loved one.

BECAUSE WE CARE

With your completed claim documents; CICL’s speedy claims payout is designed to offer some much needed relief during your time of bereavement.

Do not worry; Your Credit Union has all of the forms needed to file a claim on member’s behalf.