Notice of Cessation of Death Benefit Insurance (DBI) with effect from 1/1/2019
Waterside Credit Union is committed to providing excellent service and benefits to its members. In the past part of these benefits was the provision of a Death Benefit Insurance (DBI) scheme, paid for by eligible members via dividend. The purpose of DBI was to provide a fixed amount of benefit to assist with the costs associated with a member’s death.
In advance of our AGM on 19th November 2018 we invited all members interested in participating in the DBI scheme in 2019 to complete and return a consent form (attached to the AGM notice) authorising deduction of the premium due from their share account.
By the time of the AGM and indeed as at the date of this letter, just 10% of members have returned the signed consent form. This falls well below the minimum threshold of 50% of members required by the Insurer, ECCU Assurance, for a credit union to participate in their DBI scheme.
On this basis and the fact that the Board have concluded that it would not be affordable to carry the cost of this scheme as an operational expense, it is with regret that we must advise you that Death Benefit Insurance will not be available to members of Waterside Credit Union from 1st January 2019. Cover for existing members of the scheme will therefore cease on 31st December 2018.
Waterside Credit Union will continue to provide Life Savings Insurance & Loan Protection Insurance at no direct cost to its members. The benefits payable by these insurances will remain unchanged please see below for details of these benefits. (Terms, conditions & eligibility criteria apply).
Life Savings Insurance
The maximum benefit payable under the Life Savings Insurance Cover is £15,000. The amount of insurance benefit which an eligible member is entitled to is in direct proportion to the savings and the age of the member. Subject to a maximum benefit of £15,000, every £1 you save before the age of 55 provides £1 of insurance. Once you are over 55 years of age, each £1 you save with Waterside Credit Union Limited provides the following insurance benefit:
• £1 saved between 55 - 59 years of age provides 75p insurance benefit.
• £1 saved between 60 - 64 years of age provides 50p insurance benefit.
• £1 saved between 65 - 69 years of age provides 25p insurance benefit.
• No insurance is payable on amounts saved after your 70th birthday.
Once earned, your insurance remains in force as long as you leave your savings in your Credit Union and as long as the Credit Union continues to provide this benefit to members. Please note that withdrawals may affect the amount payable.
Loan Protection Insurance
Loan Protection cover is an insurance policy paid for by your Credit Union to protect member loans and your Credit Union is the policyholder and pays the premiums. Your Credit Union provides Loan Protection Insurance because it cares about its members. This insurance is designed to clear your outstanding loan balance in the event of your death or total and permanent disability from any occupation and eligibility terms and conditions of cover apply. This is a service that is unique to credit unions and one for which you would have to pay for if you borrowed from other financial institutions. It means you can borrow from your Credit Union with the peace of mind in knowing your loan is protected and that your next of kin are not left with the burden of an outstanding debt. For further details please contact us.
Would you like to be more involved with Waterside Credit Union Ltd. The Board would like to encourage members who wish to learn new skills and competencies to join our team of volunteers.
If you have some free time and feel that you have something to offer, please don't hesitate to email us at email@example.com or call into the office and ask for Imelda or Susan.
PHISHING SCAM TARGETING CREDIT UNIONS
We have been informed that there is currently a phishing scam targeting credit union members.
Members receive an email from the email address firstname.lastname@example.org or one similar to this. The email will inform the member of a file named "Payment Confirmation" that's been transferred to them through a site called WeTransfer, by what appears to be your Credit Union, and will be encouraged to click to download the files.
This scam is designed to collect your personal details with a view to gaining access to personal financial accounts.
Please note the credit union does not request personal details by email from its members or use any third party websites to collect members details. If you receive an email similar to the one outlined above , please ignore it.
Great new insurance on home and car cover being brought to you by COVERU. Coveruni.co.uk is a new suite of insurance services brought to you by credit unions and AIG. It offers great value to credit union members in Northern Ireland on home and car insurances.
Key Benefits of Home insurance from coveruni.co.uk
- Highly competitive quotes.
Key Benefits of Car insurance from coveruni.co.uk
- No administration fees when changes are made to the policy during the year
- Free 24hr Home Assist Help Line
- Fast and efficient 24-hr claims service
- Instant quotes online and over the phone
How to get a quote
- No claims discount of up to 65%
- No administration fees i.e. no setup fee or fees if you make a change to your policy
- Windscreen Cover included as standard
- 24 hour Express Claims Service
- Instant quotes online and over the phone
- Flexible cover options and optional extras
Credit union members can get a quote for coveru home or car insurance:
- Online via www.coveruni.co.uk
- Over the phone by contacting AIG Customer Service 028 90329479
Online Loan Applications
You can now apply for a loan online. To apply for a loan login to the members area and click the apply for loan button. Enter as much details as possible and once you submit the loan application you will be contacted by a staff member at Waterside Credit Union reguarding your application.
If you do not have access to the members area already then register today!