Life Savings and Loan Protection
This Plan is another service offered by CUNA CARIBBEAN INSURANCE SOCIETY to provide a benefit to a member’s beneficiary.
Member’s savings accounts inclusive of shares, regular deposits, fixed deposits and other savings deposits are insured up to a maximum of $30,000. Coverage is limited to seventy (70) years. This benefit is provided at no cost to the member.
This covers all the eligible loan balances of a credit union member against death or total and permanent disability.
The benefit repays the outstanding insurable loan balance at the time of death, or before age 60 for total and permanent disability.
The maximum amount of the benefit is subject to the credit union’s individual maximum which is $100,000; this means that the CUNA INSURANCE pays up to $100,000 to clear off a member’s debt.