Nominations

Nominations allow you to inform Lurgan Credit Union Limited of your wishes and who to contact with regard to your shares in the event of your death.

When joining Lurgan Credit Union Limited, you will be asked to nominate a beneficiary on the membership forms. The person you nominate will benefit from your shares at the time of death.  It is therefore important that you ensure your nominations are kept update and amended as your status changes.  When a member gets married, they should remember to change their nomination to their husband/wife as it does not automatically change.

**As from 4th January 2011 anyone changing their Beneficiary will do so in the Loans/New Member office**

Lurgan Credit Union Limited provides the following insurance for members: –

Lurgan Credit Union Limited provides free Life Savings Insurance for its eligible members as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged.

Life Savings Insurance Cover provided on savings:

Age Savings Insurance Cover
Under 55 Every £1 provides £1 of insurance
55 – 59 Every £1 provides 75p of insurance
60 – 64 Every £1 provides 50p of insurance
65 – 69 Every £1 provides 25p of insurance
Savings lodged on or after 70th birthday are not covered by insurance.  Members pay no individual charge.

Below is an example of the insurance that will be paid on your Credit union account in the event of your death:

Age Insurance Total
£100 saved under age 55  + £100 + £200
£100 saved between 55 – 59  + £75 + £175
£100 saved between 60 – 64  + £50 + £150
£100 saved between 65 – 69  + £25 + £125

Eligibility

A member is eligible for insurance cover provided by Lurgan Credit Union Limited if at the time of saving, the member is:

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

Life savings insurance provides cover for all our eligible members up to a maximum of £15,000.