Loan And Savings Insurance Coverage
The WCCCU has sourced exceptional loan and savings insurance coverage for its members.
Loan Insurance
All members' loans up to $300,000.00 are one hundred percent (100%) protected at no cost to the member. The society bears the total cost of the monthly premium and charges no service fees.
How it Works
- A member with loan of $300,000 or less is 100% covered.
- Upon the death or disability of a member the society should be provided with the necessary documents (as stated below).
- The insurance company pays the original amount insured. The balance of the member's loan with the WCCCU is paid off. Any excess is made payable to the beneficiary.
Savings Insurance
Member’s with savings up to $10,000 is fully covered under the CUNA Insurance plan. The cost of this insurance is also borne by the WCCCU and no service fees are charged to the members.
How it Works
- Members with savings of up to $10,000 or less is fully covered.
- Upon the death of a member the supporting documents (as stated below) are to be presented.
- The insurance company makes payment available to the beneficiary with the WCCCU as its medium. Calculation of the benefit to be received can be affected by different variables such as the cause of death (natural or accidental), member’s age and account balance at the time of death.
Supporting Documents
- Birth certificate
- Death certificate
- Medical Report (in case of disability)
