Life Savings Benefit
We have issued a Group Policy of Life Insurance to SUAFCU
You are the MEMBER of the Credit Union who hold this Certificate
NOTICE: Read your Certificate carefully. If you are not actively at work on the date of your deposit, you have limited coverage for preexisting conditions.
Do you qualify for this insurance?
Members qualify for insurance under the Group Policy subject to the following rules:
- You qualify for insurance on a deposit if you are at work on the date you make the deposit. If you are not at work on that date, you will qualify for insurance on the deposit on the date you return to work.
- You must be under age 70 on the date you make a deposit. If you misstate your age, your insurance, if any, will be determined by your correct age.
- You are not insured for more than $2,000 in savings. If the balance of your savings exceeds this amount, you are not insured for the excess. If you have savings in more than one account, the limit applies to the sum of your savings in all your accounts with the Credit Union.
- You are not insured for any class of savings which has been excluded from coverage or which is not being reported for coverage by the Credit Union. Please see the Credit Union and the Group Policy for details on which savings are not covered.
If you die prior to your 40th birthday, we will pay a stated percentage of the Group Policy Benefit after we receive due proof of death. The percentage we will pay depends on your age on the date death occurred. The percentage is figured as follows:
|Age of member on date of death||Percentage of Group Policy Benefit payable|
|0 thru 39 years||300%|
Who is insured?
Insurance is on the member whose name appears first on the savings account. Second-named members are not insured. All members who qualify for insurance are included for coverage. You do not need to sign up for your insurance to start.
For trust accounts, insurance is on the first named beneficiary of the trust. However, if there is a written trust agreement on file with the Credit Union stating that the trustee is the true owner of the account, then the trustee is the insured person.
How much do we pay?
The amount of your insurance is based on:
- the insured balance of your savings on the date of your death and
- how old you were on the date of each deposit that makes up that balance as follows
|If your age on the date of an insured deposit was||The amount of your insurance is equal to|
|0 - 6 months||25% of that insured deposit|
|6 months thru 54 years||100% of that insured deposit|
|55 years thru 59 years||75% of that insured deposit|
|60 years thru 64 years||50% of that insured deposit|
|65 years thru 69 years||25% of that insured deposit|
|70 years or older||0% of that insured deposit|
How to file a claim?
All claims are filed by the Credit Union. We need a copy of the Death Certificate as proof of claim.
Can I convert my insurance?
If the Group Policy stops and insurance is not replaced by a new policy with similar coverage, or if you leave the Credit Union, you have the right to convert your insurance under the Group Policy to a permanent policy of your own.
If you apply to us for your permanent policy within 31 days after your insurance under the Group Policy stops and pay the premium, we will issue a policy to you without evidence of your insurability for any amount not to exceed your insurance under the Group Policy.
If you die during this period, we will pay a claim whether you die during this period, we will pay a claim whether you applied for your permanent policy and paid the premium or not.
Who pays the premium?
The Credit Union pays the premium. You pay no direct charge to keep your insurance in force.
Who do we pay?
If you die while you are insured under the Group Policy, we will pay the proceeds of your insurance to the Credit Union.
You may name the person to whom you want the proceeds of your insurance paid. See the Credit Union for the form to file. If you do, the Credit Union will pay the proceeds to that person. If no name is on file, the proceeds will go to the same person who gets your savings. We will pay the proceeds of this Group Policy Endorsement to the same person who receives the insurance proceeds under the Group Policy.
Can the Group Policy be changed?
Yes. The terms of the Group Policy can be changed without prior notice to you. No change, however, can take away any rights which arose prior to the time the change was made.
Can the Group Policy be stopped?
Yes. The Group Policy can be stopped at any time by either CUNA Mutual or SUAFCU after prior notice is given, one to the other.