Deceased adult member

In the event of death of an adult member

The named beneficiary will need to contact the credit union and provide an original death certificate to start the closure of the deceased members credit union account. Dependant on the insurance policy the credit union is offering at this time, the credit union will submit an application to its insurers on the beneficiaries behalf.

St Machar Credit Union each year pays for Life Assurance on adult members savings and loans – for the year October 2012 – September 2013 the credit union has taken a policy with Credit Union Insurance Consultants Ltd Life & Loans Policy.

The policy is available

  • Only to adult members aged 16 to 80 (there is no coverage available for those aged over 80)
  • The credit union will not provide loans to or accept large deposits from members who are cronically ill or suffering from a terminal illness as part of the policy

The policy covers

  • 100% of share value at date of death capped at upper limit of £5,000
  • 100% of loan outstanding at date of death excluding any arrears