Death Benefit Fund
In 2004 Johnstone Credit Union introduced the first Independant Credit Union Death Benefit Fund in the UK. All our members are covered by this scheme, which is funded from the operating income of the credit union. No charge is levied on individual members for participation in the scheme. In the event of your death, any loan outstanding will be cleared and a lump sum may be paid to your family. The amount of the lump sum paid to your dependants is determined by four factors * : -
- The length of membership.
- The value of shares held at the date of death.
- Your age at the time of of deposit.
- Your outstanding loan balances.
Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills will have on their lives. By saving regular small amounts, you can relieve your family of the substantial costs of your funeral. The Death Benefit Fund cannot ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
* For further details on how benefits are calculated, refer to the Death Benefit Notice in the forms section.