Expanded share insurance

If you have stock market investments, including retirement programs such as 401(k)s or 457s, you’re probably familiar with the market’s ups and downs. Avoid the downs by investing at your credit union instead, where your money enjoys the protection of federal deposit insurance.

The National Credit Union Administration, a U.S. government agency, covers balances up to at least $250,000. And by setting up your accounts as in the examples below, you can increase your total coverage to $1,500,000. Here’s an example of how a married couple has established accounts under different ownership in order to maximize their insurance coverage:

Individual Accounts   Coverage
John only $250,000
Jane only $250,000

Joint Accounts Coverage   Coverage
Held by John with Jane $250,000
as co-account holder  
   
Held by Jane with John $250,000
as co-account holder  

Revocable Trust Coverage   Coverage
John only $250,000
Jane only $250,000
Total coverage $1,500,000

By putting various accounts under different legal ownership, John and Jane have increased their coverage to $1,500,000.