death benefit

Y

yildun

Registered User
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I found that my OLD credit union still has an account in my name I was told that if I kept the account open with small yearly payments 30e I can get death benefits sorry! the next of kin gets the benefit 2000E I think I am in my NEW credit union 10 years The OLD credit union assures
me that I can have death benefits insurance in BOTH credit unions Is this correct

thanks

Yildun
 
I would say that you are correct. For example having a second life insurance doesnt cancel the first.
With Credit Union accounts remember to have the correct person nominated on the account. Under the Credit Union Act the first 23000 in the account does not form part of the estate( must be declared for inheritance tax though)
What it means though is that it can be paid direct to the nominee without waiting for probate.
Also the fact it doesnt go into the estate means it is not reduced by having to share with other beneficiaries.
Remember that unless specified the surviving partner is the nominee and if you remarry the new spouse automatically become the nominee even if you had before marriage nominated someone else.
 
Hi Vanessa Thank you I was unsure and your reply makes sense THank you
for your help

Yildun
 
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