Life Savings insurance is a life insurance cover your Credit Union provides
free of charge to all eligible members as an additional incentive to save
regularly and maintain savings with the Credit Union.
What are the benefits?
With Life Savings insurance, your dependants will receive a financial sum
in the event of your death. The amount they will receive will depend on
your age and how much you have saved with your Credit Union over the years.
Life Savings insurance is paid for by your Credit Union. There is no
additional direct cost to you, the member.
The amount of insurance benefit which an insurable member is entitled to is
in direct proportion to their savings and their age
(terms and conditions apply)
For Example:
Once earned, the insurance remains in force as long as you leave your
savings with the Credit Union. Withdrawals may affect the amount payable.
Loan Protection Insurance: This
clears your loan if you become permanently disabled before the age of 60 or
die before the age of 80, however some terms, conditions & limits apply,
depending on your age, condition of health when taking out the loan & the
amount of the loan.
Life Savings Insurance: This
adds an amount to your savings balance when you die, calculated in
accordance with your age & savings history up to a maximum of €12,700.
Death Benefit Insurance: This
cover pays €1,300 to your next of kin in your death once premium has been
deducted when dividend was applied
A named nominee can receive up
to a maximum of €23,000 under the Credit Union Act 1997, all monies
exceeding this goes into the Estate of the deceased.
