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Life Savings Insurance

Our 30 Day Notice and Secured Savings accounts include free life savings insurance. If you die while you have savings in one of these accounts, your beneficiary can ask us to make a life savings insurance claim, to increase the money in your savings. We will pay the insurance settlement, along with your savings, to your beneficiary.

Life savings insurance is separate from the Financial Services Compensation Scheme (FSCS), which protects your savings in the event of the failure of Sheffield Credit Union. More details about FSCS protection.

What do I need to do?

  • Money you save in your 30 Day Notice account is automatically insured.
  • Only money that you save before your 80th birthday is covered.
  • Please make sure you have told us who your beneficiary (next of kin) is. We will ask you this when you join, and you can contact us to check and update your details.

Who provides the insurance?

  • Sheffield Credit Union have a contract with CMutual, who provide the life savings insurance.
  • All insurance claims are assessed by CMutual, so we cannot guarantee whether or not they will accept a claim.
  • There are some circumstances in which we cannot make a claim.

How much insurance will my beneficiary receive?

If your beneficiary asks us to make a claim, we will split your savings into three pots:

  • Money that you saved before your 65th birthday
  • Money that you saved on or after your 65th birthday, but before your 80th birthday
  • Money that you saved on or after your 80th birthday

To calculate the amount of the insurance settlement, our insurers will take 100% of the amount you saved before turning 65, then they will add 25% of the amount you saved between turning 65 and turning 80. Money you saved from your 80th birthday onwards is not covered by the insurance.

The maximum settlement is £5,000.