Free Life Insurance
Regular Share Accounts at UkrNatFCU carry Life Savings Insurance of up to $2,000 at no cost to our members.
This insurance is based on the following deposit schedule:
|Member Age||Amount of Insurance|
|Prior to age 55||100%|
|Age 55 through 59||75%|
|Age 60 through 64||50%|
|Age 65 through 69||25%|
|Age 70 and over||0%|
The above table is for illustrative purposes only. The benefit amount of the Life Savings Insurance claim is determined by the insurance carrier company.
- If you deposit $2,000 in your savings account by the time you are 40 and it remains in your account until your death, then your beneficiary receives $4,000 $2,000 that you deposited and $2,000 in insurance).
- If you deposit $1,000 in your savings account by age 50 and then another $1,000 at age 56 and this $2000 remains in your account until your death, then your beneficiary receives $3,750 ($2,000 that you deposited, $1,000 in insurance from the deposit made before age 55 and $750 for the deposit made after age 55).