Freequently Asked Questions
Every member automatically becomes a part of the death benefit programme once he/she joins the Credit Union before attaining the age of 60.
To qualify for death benefit, members MUST join the credit union before the age of 60 years, contribute $30.00 annually towards the programme, and MUST have saved at least $120.00 in their shares within the last year of his/her membership.nNo payment would be made unless a person has been a member for six (6) months prior to the date of his/her death.
In the event of death of the member, his/her beneficiary would be entitled to receive six thousand dollars ($6,000.00) to help off-set funeral expenses.nn
The informant /beneficiary should submit the original death certificate and the invoice from the funeral home to the Insurance Unit. Once the member qualifies for death benefit the cheque would be written to the funeral home. If the funeral home has already been paid, the proof of the payment should be provided, the payment would then be made to the named beneficiary(s).
A contribution of $30.00 must be paid annually to the Death Benefit Programme.n
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