03 August 2023
Update regarding Life Savings Insurance
We believe in looking after our members and their families so one of the hidden benefits of being a member of Falkirk District Credit Union is free life insurance on both your savings and loan balances (for all members aged between 16 and 79). Our free life insurance clears any loan balance (excluding arrears) and pays a bonus on top of your shares to your nominated beneficiary in the event of your death.
Changes to our Life Savings Cover policy will be effective from the 1st of October 2023. Due to the increased cost of providing this benefit, and the need to ensure the continued financial security of FDCU we have taken the decision to amend the terms of our Life Savings Cover. Previously, FDCU offered cover of one and a half times the share balance for all members aged between 16 and 79. However, after careful consideration and evaluation, the board of Directors have revised the policy as follows: for share balances up to £5000 the Life Savings Cover will remain unchanged at one and a half times the share balance but for all balances exceeding £5000, the benefit will be capped to a maximum of £2500.
Please note that Loan Protection Insurance remains unchanged at 100% cover for loans for members aged 18-79.
To help illustrate the impact of this change, here are some examples:
*All subject to beneficiary providing member’s full original death certificate for insurers
On joining Falkirk District Credit Union, we ask you to declare who you would like to nominate as your beneficiary in the event of your death. Please remember to keep your beneficiary information up to date and if you wish to amend this at any time, please advise us in writing and we will update our records.
If you have any questions or require further clarification regarding this change, please do not hesitate to contact our office on 01324 473695 or via email at office@falkirkcreditunion.co.uk. We are here to assist you and address any concerns you may have.
Thank you for your continued trust and support in Falkirk District Credit Union. We remain committed to serving your financial needs and providing you with a secure way to save.