A death in the family is always a difficult time. The stress can be even greater if there are immediate money worries.
Credicare Bereavement Fund otherwise known as Tangihanga Grant is a special fund that helps families during a time of bereavement. If you are a Credicare member, an amount of money is automatically paid to your family when you die. This can be used to help pay for funeral-related expenses.
The Credicare Bereavement Fund - Tangihanga Grant is unique. Anyone who has a savings account with Aotearoa Credit Union can become a member of the Fund.
Here's how it works:
Each member agrees that on the death of another member, a maximum of $2.00 can be automatically deducted from their savings account.
Money collected from Members within Credicare is pooled together and paid directly to the family (or beneficiary) of the person who has died.
In the 2014/15 financial year, a combined total $103,761.00 of Credicare / Tangihanga payments were made to 26 different whanau; an average of $3,990.81 per payment.
The money is paid automatically, no questions asked.
Cover is guaranteed:
Any Member of the Credit Union aged between 18 and 75 years can join the Credicare Bereavement Fund - Tangihanga Grant. This means, you must have joined Credicare - Tangihanga before your 76th birthday to be eligible.
Cover is guaranteed for anyone aged from 18 years of age who is a Member of the Credicare Bereavement Fund - Tangihanga Grant.
You don't need to provide any medical information to join.
Your questions answered:
1. Is there a maximum age where payment of Credicare - Tangihanga ceases?
There is no upper age limit where payment to beneficiaries of a Credicare - Tangihanga Member ceases.
2. Who will the money go to?
As the Credicare Fund - Tangihanga Grant Member, you will nominate your beneficiary. It could be a family member, or any person. If you don't choose a beneficiary, the payment will go to your estate.
3. Can I cancel my membership in the Credicare Fund - Tangihanga Grant?
Yes, at any time - just by contacting any of our branches.
It's easy to join.
To join the Credicare Bereavement Fund - Tanighanga Grant, simply contact your local branch of Aotearoa Credit Union. We can answer all your questions, explain how it works, and arrange your application.