Are all my shares insured?
Not necessarily! The shares that are not insured are those that you lodge after you reach age 70 or those that you lodge while not in good health or shares you withdraw.
Is my loan always cleared at death?
No. Loans taken when you were not in good health and loan balances remaining after you reach age 85 are not insured by Loan Protection Insurance. If you are approaching age 85 it may be wiser to withdraw some of your shares especially those not covered by Life Savings Insurance rather than borrow and risk leaving an outstanding loan balance for your loved oned to pay.
Can my family get my savings at death?
Of course. But first you have to complete a Form of Nomination available at our counter. On this form you will be asked to name the person or persons you wish to receive your shares in the event of your death. Irvinestown Credit Union can disburse amounts up to £10,000 to the person or persons nominated upon request. Probate must be extracted on amounts over £10,000. By completing this nomination form you can be assured that the person or persons you intented to receive your shares will receive them without delay. You must update your nomination form if you marry, divorce or the person nominated dies before you. In addition a properly completed Form of Nomination takes precedence over a will. You may change your nomination as often as you like