Loan And Savings Insurance Coverage
The WCCCU has sourced exceptional loan and savings insurance coverage for its members.
All members’ mortgages up to $250,000.00 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.
Any other loan up to $100,000.00 is also fully covered.
How it Works
- A member with a mortgage up to $250,000.00 or less is 100% covered.
- A member with any other loan up to $100,000.00 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.
A member, with savings up to $27,000.00 is fully covered under the CORP-EFF 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 $27,000.00 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.
- Birth certificate
- Death certificate
- Medical Report (in case of disability)