How ESLCU Savings Provide Up to £5,000 in Free Life Cover
Saving isn’t just about building a pot for the future; it’s also about protecting the people you care about most. At Eastern Savings & Loans (ESLCU), every adult member who saves with us receives free life cover on their savings (Subject to Terms & Conditions), giving their loved ones up to £5,000 extra if they pass away. It’s one of the most meaningful benefits of being part of a credit union: community‑powered financial protection that doesn’t cost you a penny.
🌱 What Makes ESLCU’s Life Cover on Savings So Valuable?
Life cover on savings is a unique feature of many credit unions, but it’s not widely known. At ESLCU, it means:
- Your savings can be matched up to a maximum of £5,000 if you pass away.
- Your family or chosen beneficiary receives the boosted amount.
- You don’t pay anything extra; it’s included as part of your membership.
- It applies automatically to eligible adult members with active savings.
There’s no application process, no medical checks, and no renewal dates to remember. It’s simply part of being a member of Eastern Savings & Loans Credit Union.
💛 How It Works: Simple, Fair, and Designed for Members
- You save regularly, through payroll deduction, standing order, or one‑off deposits.
- Your savings grow and remain accessible whenever you need them.
- If you pass away, ESLCU will make a claim to the insurance company to pay out an additional amount based on your savings balance, up to £5,000 extra.
- Your nominated beneficiary receives the payment.
This is where nominations matter and where the law provides important guidance
📜 Understanding your Beneficiary: Choose a Person or a Charity
When you join ESLCU, you can nominate someone to receive your savings and the life cover benefit if you pass away. This is called your Beneficiary.
This can be:
- A family member
- A friend
- Someone you trust
- A charity you care about
Many members choose to nominate a charity as a way of leaving a meaningful legacy, especially when they don’t have close family, or when a cause has played an important role in their life.
⚠️ A Key Legal Point You Should Know
Under the Co‑operative and Community Benefit Societies Act 2014, any nomination you make is automatically revoked if you later marry or form a civil partnership. The Act states:
“Any nomination made by a member who subsequently marries or forms a civil partnership is revoked by the marriage or formation of the civil partnership.” — Section 38(4)
This means:
- If you get married or enter a civil partnership, your previous beneficiary, whether a person or a charity, becomes invalid.
- You’ll need to make a new nomination to ensure your wishes are followed.
- This protects you from outdated instructions and ensures your savings go exactly where you intend.
It’s a small detail, but an important one and many members aren’t aware of it.
🌟 Why Members Choose ESLCU for Their Savings
Members often tell us they value:
- A safe place to save, protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.
- Fair, transparent products, with no shareholders to satisfy.
- Supportive staff who understand real‑life financial challenges.
- Access to affordable credit, should they ever need it.
- The knowledge that their savings help others locally through ethical lending.
The life cover is the added reassurance that their savings will continue to support their beneficiary or a cause they care about even after they’re gone.
🕊️ The Emotional Impact: Peace of Mind for You, Support for Them
Money can’t take away grief, but it can remove some of the pressure people often face after a loss. Funeral costs, bills, and unexpected expenses can quickly add up. Knowing that your savings will be boosted by up to £5,000 can make a real difference.
Members often describe the benefit as:
- “A weight off my mind.”
- “Something I know will help my children.”
- “A reason to keep saving, even when life gets busy.”
It’s a quiet, powerful form of protection, one that reflects the heart of what our Credit Union stand for.
❓ Frequently Asked Questions
How much extra will my Beneficiary receive?
Your savings can be matched up to a maximum of £5,000, depending on your balance and eligibility at the time of deposit.
Do I have to pay for this cover?
No. It’s completely free for eligible adult members who save with ESLCU.
Is this the same as life insurance?
No. It’s a member benefit, not a standalone insurance policy.
Do I need to fill out forms or apply?
No. The cover is automatic for eligible members.
Who can I nominate?
You can nominate a family member, a friend, someone you trust or a charity. Many members choose a charity as a way of leaving a lasting legacy.
What happens if I get married or form a civil partnership?
Your existing nomination is automatically revoked under Section 38(4) of the Co‑operative and Community Benefit Societies Act 2014. You’ll need to make a new nomination. Just call or email the office, and we will send you a form over.
Is ESLCU safe?
Yes. Your savings are protected by the FSCS up to £85,000.
Can I access my savings while I’m alive?
Absolutely. Your money is always yours to withdraw when you need it.
Saving with Eastern Savings & Loans is about more than building a pot for the future it’s about protecting your loved ones, supporting causes you care about, and being part of a community that looks after one another. The up to £5,000 life cover is one of the most generous and meaningful benefits available to savers in the UK, and it’s included at no extra cost.
Final Thought:
Saving with Eastern Savings & Loans is ultimately about confidence, confidence that your money is safe, that your savings are working for you, and that the people or causes you care about will be supported when they need it most. With free life cover worth up to £5,000, simple nomination that can include a loved one or a charity, and the protection of FSCS, your savings go further and mean more. It’s a small step today that creates lasting security for tomorrow, and a powerful reminder that financial wellbeing is something we build together.