Life Savings Insurance

Related Topics

Life savings insurance pays a death benefit to a deceased credit union member’s specified beneficiary in an amount equal to the deceased member’s insured savings account balances. The maximum amount of life savings coverage must be established for the credit union. The credit union may change from one benefit plan to another; however, only one benefit plan can be in effect at any time.

The LSI group box in the Insurance section on the Credit Union Profile - Shares tab contains the processing options for life savings insurance.

  • The Option field indicates if life savings insurance is supported and if the Life Savings Insurance Report 235 will be produced (Portico Host: 901 Transaction - LSI OPT field). The valid values are:
    • N - Not supported. System default.
    • Y - Supported
    • X - Grandfathering is supported.
  • The Maximum field indicates the maximum amount covered for life savings insurance (Portico Host: 901 Transaction - LSI MAX field).

The Life Savings Insurance check box on the Share Profiles - Account Information tab and Certificate Profiles - Account Information tab indicate if life savings insurance is supported for this share or certificate type. In addition, the Classification field on the Share Profiles - Account Information tab indicates the category (class) of this share type for processing and reporting purposes. The valid options are:

  • E - Escrow
  • S - Share. System default.
  • X - Christmas Club
  • O - Other Club. For example, Vacation Club.