At Transave your savings and any loan you may have are protected by our Bereavement Fund at no extra cost, ensuring complete peace of mind without any added expense for you and your loved ones. This protection means that in the event of your death, the Fund will pay off any outstanding Transave loan. In addition, a lump sum Funeral Grant will be paid to your nominated beneficiary.
The person or people that you nominate to receive the funds in your savings are referred to as your beneficiary or beneficiaries. Keeping your beneficiary details up to date is essential. Relationships and contact details can change over time, so it is important that you notify us of any changes. This ensures that we can 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. Once we are informed of your death, we will contact your nominated beneficiary to request the original death certificate and an identification document from them.
Once these have been received, the funds will then be paid to your nomimated beneficiary.