Free ‘Life Savings’ Insurance protection on GMBCU Member Savings
‘Life Savings’ protection is a unique feature of the GMB Credit Union membership.
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.