As a member you will receive our free life cover benefit on your savings, up to your 65th birthday and loan cover up to your 70th birthday. This is to help ensure the peace of mind for your loved ones in the event of your death. They won’t be left with any Credit Union debt and may have some additional money for their pockets.
In the event of your death, your nominated person will benefit from this free life cover; savings you have in The Transport Credit Union can be matched £ for £ (doubled) up to the maximum limit of £10,000* and your loan cleared up to the maximum limit of £20,000*. Savings will be paid to your next of kin to the extent that the law permits; the maximum amount provided for under nomination is £5,000 and any balance over £5,000 will be paid to the Estate. If there is no Estate, monies may be paid out at the Credit Union’s discretion.
If you do not make a nomination, any monies will be paid to a legal will beneficiary or to the Executor of the Estate. If your nominee is under 18 years of age, please be aware that we may be required to hold these monies in Trust until they are of age – you may wish to seek legal advice regarding this.
*Terms and Conditions apply – please contact the office for full details.