Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as a no cost benefit to all its members. The amount of insurance benefit to which a member is entitled is in proportion to the mount of savings the member has, and depends on the member's age at date of lodgement.

Subject to a maximum benefit of £15,000, every £1 you save before the age of 55 provides £1 of insurance. Once you are over the age of 55 each £1 you save with your credit union provides the following benefit:

1. £1 saved between ages 55-59 provides £0.75 insurance
2. £1 saved between ages 60-64 provides £0.50 insurance
3. £1 saved between ages 65-69 provides £0.25 insurance

No insurance is payable on amounts saved after your 70th Birthday.

Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.

A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:

• Under the age of 70
• Actively at work, or if not working, in good health

Teachers’ Credit Union always advises its members to call the office on 02890 309770 and speak to a member of staff if you are considering making a large share withdrawal from your account. We will advise what impact this will have on your accumulated Life Insurance and help you make an informed decision.

Please note that every member will also qualify for additional Death Benefit Insurance paid at a rate of £1,500. To qualify for this benefit, you must retain at least £100 in your share account.