Life Savings Protection
Life Savings Insurance is the life insurance cover provided to our members as a member benefit i.e. it is provided at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions. Essentially, as well as receiving the savings built up, an additional lump sum may also be paid.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.