What is the Bereavement Fund?
At Commsave, your savings and loans are protected by our Bereavement Fund at no extra cost, ensuring peace of mind without any added expenses. This protection means that in the event of your death, the Fund will:
- Pay off any outstanding Commsave loans
- Pay a minimum of £500, up to a maximum of £5,000 into your savings to help your nominated beneficiary at such a difficult time*
Who are the funds paid to?
You can nominate up to five beneficiaries to receive the savings held in your account.
Keeping your beneficiary details up to date is essential. Relationships and contact details can change over time, so it's important that you notify us of any changes. This ensures that we are able to contact the nominated person(s), and carry out your wishes.
We aim to make the process as easy as possible for your loved ones. We provide them with clear communication on the next steps to take, to claim the funds due to them.
*This payment applies to all Commsave members, provided their account is not dormant and they are up to date with repayments on any Commsave loan they have.
