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Life Saving & Loans Protection Policy






This policy was adopted by the Board of Directors of Armagh Credit Union
Limited






Signed:-

Position


Position




Date:











Loan Protection & Life Savings Insurance


Armagh Credit Union maintains an insurance policy called the Life Savings
and Loan Protection Policy (LP/PS), which activates on the death of an
eligible member to increase the value of their savings which can be
returned to the members estate or family and to clear outstanding loans.

There is no charge to members for this insurance cover.

Loan coverage

In normal circumstances and provided the member signs a declaration to say
that they are fit to follow their normal duties on the date of the loan
draw down, all loans regardless of the outstanding balance are covered
under the insurance policy. This cover expires on the member's 85th
birthday. The insurance cover is automatic for members who are healthy as
at the date of loan draw down and no additional documentation is normally
required in addition to the loan application form. However, depending on
the value of a loan application or the health, employment status or age of
a member more detailed health declaration and other procedures apply.

Savings cover

The saving cover aspect of the LP/LS insurance policy activates on the
death of an eligible member to increase the value of their savings, which
can be returned to their family or estate.
The amounts which are paid out under the policy depends on a number of
factors, including:
The member's age at date of death
Their age when they joined the credit union
Their savings on their 55th birthday and at five yearly intervals up to
their 70th birthday
The movement on their account following their 55th birthday until date of
death
Their state of health throughout this period
New savings after 70th birthday are not covered
Withdrawal of savings at any time after 55th birthday below the maximum
level of cover will reduce coverage
Regardless of poor health at date of lodging, savings are covered to a
maximum of ё15,000


Who can complete these forms?

Staff who complete the loan application must also complete the LP/LS forms.


How to complete the forms

Check the newspapers on a daily basis for possible member's death

Cut the notice out of the newspaper

Send a sympathy card to the deceased member's family

Open a file with the newspaper cutting, blank ECCU claim form and members
nomination card

Enter deceased members account number, name and date of death into Excel
spreadsheet stored in Public/Deaths/Deaths2015

Print out a statement from the date joined to date of death. Some older
statements may be stored in the basement.

Mark the member as deceased on the computer as follows:

Member maintenance
Enter Member number
Flag member as deceased
Type in date of death

The MIC screen has a tab that will show the LP/LS by age but these must be
checked back to the statement

Fill out the ECCU form
The 1st page is general details about the member. Part of this information
will need to be obtained from the next of kin.
Our LP contact no: is 27

The 2nd page is related to life savings:
Calculate the date according to milestone age.
Remember it is what they have in their savings at the age of 55 or LOWER to
date of death.
If they die before their 55th Birthday, their savings are doubled.

The 3rd page is DBI. Check that the deceased member was covered for DBI and
if so complete the form

Ensure that the form is signed by appropriate signatories i.e. Insurance
Officer, and Manager/ Assistant Manager before it is photocopied and
forwarded to ILCU together with a certified copy of the Death Certificate.

A signed copy of the completed form must be kept in the members file.







Procedures for processing of monies.

ILCU will process the claim and forward any monies due by Credit Transfer.
The monies are lodged to the deceased members account provided that the
total balance is less than ё15,000. If the total balance is greater than
ё15,000 then the balance is transferred to a suspense account.

The beneficiary is then contacted to advise that the insurance monies have
been received and
they are invited into the office to complete the transaction. Armagh Credit
Union can pay up
to ё10,000 to the beneficiaries without probate and ё2,500 for DBI if
appropriate. If the
deceased member has more than this in their account then a letter of
Probate is required to
complete the pay-out. If the beneficiary is not a member of the credit
union, they must
provide proof of identity and complete an indemnity form prior to pay out.
The funeral bill
must also be presented and this payment is made prior to any other
payments.

When paying out the proceeds of a deceased member's account, identification
should be
sought and copies kept on file.