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Newarthill Death Benefit Fund

 

Newarthill Death Benefit Trust Fund

 

At Newarthill Credit Union, we’re proud to offer a goodwill Death Benefit Fund. This is a member-focused service designed to ease financial burdens on families during the difficult time of a member’s

passing.

 

This unique benefit is our way of showing compassion and staying true to our social mission. It is made possible through the profits earned when members save and borrow with us.

 

The Death Benefit Awards are reviewed annually by the board and any concerns brought to the members at the AGM

 

 

How to make a claim

Claim completion time frames may vary depending on solicitors and courts

Please bring the following documents

Original Death Certificate

Photographic Identification

Bank Details

A Will or Grant of Confirmation (if the member’s balance exceeds £5,000)

 

What happens next

  1. We will check the nomination is valid

  2. We will assess the account and add any Death Benefit Award that is due

  3. We will ask you to fill in an indemnity letter

  4. We may ask you to fill in an inventory of the moveable estate and/or funeral expenses

  5. We will verify the validity of the Will through the solicitor named in the Will and release the funds to either the executor or to the solicitor named on the Will

  6. On receipt of a Grant of Confirmation, where a member’s balance exceeds £5,000, we can release the funds either through the solicitor or to the appointed representative named on the Grant of Confirmation

Death Benefit Award All death benefit awards must be claimed within 1 year of a members death, but the share balance will still be available for 15 years.

Share Coverage

 

I am aware the Death Benefit Fund may award an extra 50% of my shares up to a maximum of £5000

 

Loan Coverage

 

I am aware the Death Benefit Fund may award a maximum of £15000 on the outstanding loan.

 

Subject to the following terms & conditions

When a member is not covered (Terms and Conditions)

Shares not covered

 

I am aware my shares will not be covered for the first 12 months of membership

 

I am aware my shares will not be covered if I join or rejoin over the age of 65

 

I am aware once I turn 80, any money I deposit to my shares will not be covered. But the deposits I put in before I turn 80 will still be covered, if I do not withdraw my shares

 

I am aware my shares will not be covered on any deposits over £4000 in a single deposit or accumulative deposits over £4000 in a credit union year (1st October to 30th September)

 

Loan not covered

 

I am aware any loan balance exceeding £15000 will not be covered and will be deducted from my shares

 

I am aware my loan will not be covered if my loan term exceeds my 80th birthday and will be deducted from my shares

 

I am aware if I join or rejoin after 65 my loan will not be covered and will be deducted from my shares

 

I am aware if I have not been a member for over 12 months my loan will not be covered and will be deducted from my shares

 

I am aware any overdue loan repayments will not be covered and will be deducted from my shares

Junior Savers

In the event of the death of a junior saver a £500 payment may be awarded.

Nominee

In the event of the members death as the Nominee you need to contact the credit union to start the death benefit and account closure process

 

A member can change their nominee at any time but after death a nomination cannot be altered even by a members Will

 

After the members death as the Nominee, you are entitled to the first £5,000 in the credit union account in accordance with the Co-operative and Community Benefit Societies Act

 

Any funds under £5000 will require a Signed Nomination, any funds between £5000 and £15000 will require a Will and any funds over £15000 will require a Grant of Confirmation to release the funds.