A decision by the Vermont State Employees Credit Union to end its life insurance benefit is upsetting some older members who say they had been relying on the coverage for their own funeral expenses.
The credit union board voted earlier this summer to cancel a benefit that provides life insurance for members who maintain a savings account.
But 92-year-old Rico Babic says the board is breaching a moral obligation. He has been a member of the credit union for 60 years.
But the board says it had a financial obligation to all 42,000 members of the credit union.
The board says it couldn’t just cover older members because of concerns by the insurer about age discrimination.
The decision affects about 6,000 members.