Life Savings Protection
La Inmaculada Credit Union Ltd. (LICU) provides you with the security that all your life’s savings at the Credit Union are secured by a coverage that is free of cost to YOU the member. It is an automatic benefit that commences on the day you open your account and protects you for your entire lifetime. It covers your life savings to a maximum of $8,000.00 as per the following schedule:
0-6 Mths 5%
6 Mths to 54 yrs 100%
Age 55 – 59 yrs 75%
Age 60 – 64 yrs 50%
Age 65 – 69 yrs 25%
Age 70 or older 0%
Any Savings coverage ceases at the age of 70.
What is considered Life Savings:
Life Savings is the member’s Shares and Regular deposit balances in the member’s accounts at the time of death.