In the event of death, the nominated person stated in the Membership Application Form or Nomination of Beneficiary Form completed by the member will receive the sum of Fifty Thousand Dollars ($50,000.00) from the member’s unencumbered share account.

The member completes the Beneficiary Form.

Yes they can, by completing the Nomination of Beneficiary Form

In accordance with the Co-Operative Societies Act 81:03 “A society shall subject to section 30 and unless prevented by order of a Court of competent jurisdiction pay to such nominee or legal personal representative, as the case may be, a sum not exceeding fifty thousand dollars ($50,000.00) due to the deceased member from the society. All other moneys due to the deceased member from the society shall fall into his estate and be subject in all respects to the laws relating to inheritance including the requirement to pay estate duty”.

The beneficiary is required to submit the under-mentioned original documents to the office where the member’s account is held:

  • (1) Death Certificate
  • (2) Identification Card/Driver’s License/Passport of the deceased
  • (3) Identification Card/Driver’s License/Passport of the Beneficiary. After the office reviews these documents, the beneficiary would be entitled to the immediate payment of Fifty Thousand Dollars ($50,000.00) as outlined in the Co-Operative Societies Act 81:03.

The difference in balance is dealt with according to the laws of testacy and intestacy – Probate of Will/Letters of Administration.

When the Letters of Administration are received, a cheque will be prepared as follows “To the Estate of …………….(deceased member’s name is stated). Thereafter the Executor/Executrix will be required to open an account in the name of the Estate and deposit the cheque to the Bank for distribution accordingly.

The Family Indemnity Plan (FIP) provides a cash benefit to cover funeral costs for yourself and your family. The beneficiary of the plan would be required to submit the under-mentioned original documents

  • (1) Death Certificate
  • (2) Identification Card/Driver’s License/Passport of the deceased
  • (3) Identification Card/Driver’s License/Passport of the Beneficiary to the Member Service Officer at the Credit Union.

The claim will be paid to the beneficiary within 48 hours pending approval from the CUNA Mutual Group which administers the FIP.

Insurance coverage through CUNA Mutual boosts the value of a member’s savings and insures loans in case of death. Upon death of a member and receipt of all aforementioned documents, a claim will be filed by the Product Administrator at any branch of VENTURE Credit Union and forwarded to CUNA.

CUNA provides Loan Protection up to a maximum of $100,000 of loan balance. In the event that the loan balance is in excess of $100,000, the Credit Union will retrieve the difference from the member’s shares/estate. CUNA will only pay up to $100,000 for loans secured by shares only.

  • 1. Member must be deceased before age 70
  • 2. Loan must be secured by shares only
  • 3. Loan must be for any purpose except mortgages, motor vehicles and business activities.

In the event that the loan balance is in excess of $100,000, the Credit Union will retrieve the difference from the member’s shares/estate.

With CUNA’s Life Savings protection, the member’s shares are doubled up to a maximum of $50,000 of balance on share account if the member is deceased on or before age 55. If the member dies on or before age 70, an insurance benefit is paid based on the member’s shares.

The member’s account will be closed after all payouts are completed.

Upon death of the member, the under-mentioned would cease with immediate effect:

  • - Dividend payment to account
  • - Authorization to Transact Business/Power of Attorney