Bereavement Fund – Credicare
Taking care of the family when a loved one passes away.
Credicare gives your loved ones financial help when they need it most. A death in the family causes much distress and grief. The stress can be even greater if there are immediate money worries.
What is Credicare?
Credicare Bereavement Fund is a special service that ensures when a Credicare member dies, money is immediately available to the family. This payment is made regardless of any other claims such as insurance.
Here’s how it works
The Credicare Bereavement Fund is unique. Each member agrees that on the death of another member, the maximum of $4.00 can be automatically withdrawn from their savings account.
This money is then pooled and $10,000 is paid to the deceased member’s nominated beneficiary, providing the family with immediate cash assistance.
Other important things to know
The payment is a tax free benefit which does not form part of your estate. No commission or administration fee will be deducted from member’s contributions. No cash payment is required as the deduction is automatic.
Names of the deceased members will be advised through the newsletter or statements. The fund is activated immediately after we are notified.
Who may join?
Any person under 65 and in good health, who is either an active member of the Credit Union, or is the spouse/partner of an active member of Credit Union South may join Credicare.
What are the costs?
An initial joining fee of $5.00 is required. On the death of a fellow member of the fund, a mere amount to the maximum of $4.00 will be deducted from your savings account and paid to the deceased member’s nominated beneficiary.
- Claims must be lodged within three months of death. An inactive Credicare member (i.e. not making regular contributions) may still be deemed worthy of a claim under the fund at the discretion of the Credit Union’s Board of Directors.
- Should a minor be nominated to receive the proceeds of Credicare, any nominated monies will be paid to the guardian of the minor.
- The state of health of the applicant at the date of joining Credicare shall be a factor considered by the Credit Union Board when approving payment of a claim.
- In the event that the member takes their own life within six months of joining Credicare, then the Board reserves the right to decline the claim.
- The Credit Union Board will from time to time, review the level of payments, terms and conditions and membership criteria.
Credicare is an easy and affordable way to give your family financial support when a family member close to you passes away.
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