Member-Owners Benefits
Dividends on Shares and Savings - Dividends are paid annually on Shares and Savings on May 31st. The credit union Bylaws is being amended to change the date for HRCU AGM from the fourth Saturday of April in each year to the last Saturday of May in each year, unless the last Saturday falls over the Sovereign's/Commonwealth Day weekend which means that the AGM will be held on the previous Saturday. Therefore Dividends and Rebates will be paid on the last day of the month of May. Member-owners were paid an annual Dividend of 6.0% on balances up to $10,000.00 and 3.5% on remaining balances over $10,000.00 on their Shares and Savings Accounts in 2020.
Loan Rebates - Loan Interest Rebate bonuses are paid annually on May 31st. In 2020 a rebate of 7.0% was paid to all loans that qualified.
Burial Scheme Benefits - The Burial Scheme Benefits comprise both the Loan Protection and Life Savings (LP/LS) and the Funeral Benefits (FB). HRCU provides the LP/LS FREE of cost to its member-owners. However, regarding LP/LS coverage, ONLY the member whose name appears first on the account is eligible for benefit coverage. The FB is provided at an annual cost of $30.00 to the member whose name appears first on the account (or $60.00 for Joint Accounts). The fee is payable each May 31st. However, regarding the FB, the first two names ONLY, on the account, if so desired, may be insured if the account is setup as Joint and providing that the annual fees payable are deducted for both names.
To qualify for the Funeral Benefit, a member MUST maintain a minimum balance of $100.00 in the Shares account at all times. The member must make sure that the Shares balance is at least ($134.00/$164.00 if joint account) to be able to pay the League Dues ($4.00) and Funeral Benefit premium ($30.00/$60.00 if joint account) on May 31st. Shares accounts earn an AGM approved (6.00/3.50% in 2020) dividend rate annually, credited to the account on May 31st following the Annual General Meeting(AGM) which is held in April.
Loan Protection (LP):Loans are covered up to $125,000.00 (including up to 6 months interest).
Life Savings (LS):
Life Savings are covered up to $25,000.00. Coverage for
money saved in the Shares account from the time the member
joined depends on the member’s age at the time the member
joined and the age at time of death.
Money Saved
From:
Birth and under 6 Months of age 25%
6
Months and under 55 Years 100%
55 Years
and under 60 Years 75%
60 Years
and under 65 Years 50%
65 Years
and under 70 Years 25%
“From the Cradle to the Grave”
benefit of $5,000.00
(coverage effective date: Jan 1, 2017)
A minimum
balance of $100.00 must be kept at all times, and a premium
of $30.00 paid annually in order to be eligible for this
benefit.
Benefits under Loan Protection cease on the member’s 80th Birthday; even though the Loan may have been made before the member’s 80th birthday. Loans are covered for a period of 25 years only.
Money saved in the Shares account after the member’s 70th birthday receives no coverage Benefits, however the money saved before the member’s 70th birthday continues to receive coverage Benefits if not withdrawn.
Loans receive regular benefits, up to $125,000.00, but savings in the Shares account will double if death is by accident. Total and Permanent Disability claims on Loans are up to age 60.
To qualify for the Funeral Benefit, a member MUST maintain a minimum balance of $130.00 in the Shares account at all times. If the balance falls below $100.00 at any time during the year, the member will lose the Funeral Benefit until the balance is increased and the member will have to wait ONE YEAR to be eligible again for the Funeral Benefit. The member must make sure that there are enough funds to pay for the $30.00 premium every year.
HRCU’s Funeral Benefit program will assist your bereaved loved ones in their hour of greatest need. This special product is designed to provide immediate financial assistance whenever your family needs it most. The FB will give you “peace of mind” knowing that you have made final arrangements for that day which we all must face. Benefit under Funeral Benefit is only $2,500.00(50%) if the member joined after January 1, 2017 and was over age 55 at that time.
Family Indemnity Plan (FIP) - The Family Indemnity Plan Insurance was offered through Cuna Mutual at a modest group rate. After CUNA discontinued the FIP Insurance in Belize, HRCU took over and continued the FIP Insurance coverage for existing policies. No new policies are being accepted for FIP Insurance.
Additional Benefits - Member-owners enjoy additional services of payroll deduction, collection services, check cashing, loan counseling, foreign exchange services, account balance confirmation letters, and in-house J.P services all provided free to all member-owners.