Savings

Free ‘Life Savings’ Insurance protection on GMBCU Member Savings

‘Life Savings’ protection is a unique feature of the GMB Credit Union membership.

It provides your family with a single lump sum payment to cover end-of-life expenses in the event of your death.

Members can nominate their beneficiary and the beneficiary does not have to be your next of kin. You can also change your beneficiary at any time.

The level of insurance cover

is £2,500 on Member Savings. This means cover will match Member Savings balances up to a maximum of £2,500. In the event of a member’s death, saving deposits made before their 65th birthday will be eligible for 100% insurance cover. Any deposit between the ages of 65-80 will receive 25% insurance cover. 80 is the upper limit for this insurance scheme.

‘Life Savings’ Insurance is free

to GMBCU members, and our members are automatically enrolled in the scheme when they open a savings account with us. There is no paperwork required as GMBCU holds a group life policy with the CMutual Group who are pre-eminent insurance specialists providing a unique expertise in tailoring solutions for Credit Unions.

In the event of a claim

GMBCU will handle all the paperwork on behalf of our members and claims will be processed quickly by CMutual.

Examples of how the scheme supports GMBCU members

 

A member dies aged 64 with a savings balance of £2,500 in their Member Savers account.

  • As £2,500 was held in savings before their 65th birthday, they are eligible for a £2,500 insurance settlement (i.e. 100% cover) doubling their savings to £5,000.

A member dies aged 70 with a savings balance of £2,500 in their Member Savers account.

  • As £2,500 was held in savings after their 65th birthday, they are eligible for a £625 insurance settlement (i.e. 25% cover) increasing their savings to £3,125.

Why choose us?

GMB Credit Union is more than just a financial institution – we’re a community where members help each other. We make sure that money circulates for the benefit of the community by pooling member savings and then lending to other members. Support local economies and boost access to affordable credit with your GMB Union membership.

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Get a Handy Loan with our GMB Credit Union mobile app. It’s simple and secure to use. This makes applying for our loans a breeze. Plus, you can manage your loan and check your repayments easily and safely, all from your device.

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