What is Life Savings Insurance?
Life Savings Insurance is a group life insurance product that provides benefits to a member's designated beneficiary based on the member's eligible savings balance held with the Credit Union at the time of death.
The benefit paid depends on the age of the member upon death, based on an age scale agreed upon with the Credit Union.
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.
Benefit Structure
Benefit is calculated in proportion to the member's savings balance at the time of death.
The actual payout is adjusted by an age scale agreed between CICL and the Credit Union.
Benefits go directly to the member's designated beneficiary.
How Do You Collect Benefits?
- 1Notify Your Credit Union
Notify your Credit Union as soon as possible following the death of an insured member. Early notification allows the claims process to begin while supporting documents are being obtained.
- 2Submit the Claim
Your Credit Union will guide you through the claims process and advise you of the documents required to complete the claim.
- 3Provide Supporting Documents
Submit the required claim documents, including the death certificate and any other supporting information requested by your Credit Union or CICL.
- 4Claim Review & Payment
Once all required documents have been received and the claim has been approved, benefits will be paid promptly in accordance with the policy terms.
Because We Care
We understand that losing a loved one is difficult. Your Credit Union and CICL are committed to guiding beneficiaries through the claims process with care, compassion, and efficiency.
Your Credit Union will assist you in completing the required forms and submitting the claim to CICL.
Need Assistance?
If you have questions about submitting a claim, please contact your Credit Union or reach out to CICL for assistance.
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Life Savings Insurance is administered through your Credit Union. Speak to your Credit Union representative to confirm your coverage.
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