Credit Union Insurance

[mitchden1]

In a credit union, I added my 2 adult children as beneficiaries to a CD owned by my wife and I (JTWROS). I understand that the NCUA insurance is $250K for me and $250K for my wife. I also understand that I get an additional insurance of $500K for my 2 beneficiaries. Is this correct?

My credit union account is not a Trust account. Thank you.

[Mike9241]

This is an income tax form that answers questions about income taxes. yours is not a tax question. contact the CU.