In addition to a number of optional insurance products, we offer two valuable insurance benefits AT NO CHARGE to Members. These are as follows:
Life Savings Cover
This scheme offers FREE LIFE INSURANCE relating to a Member’s Savings. The main terms and conditions are:
- Savings must be made, and maintained, in the Credit Union before the age of 70.
- The maximum insured amount is €12,700.
- The member must be in good health when joining.
Here’s how it works: If, for example, a Member had the following savings in their Shares at their key birthdays and died at, say, aged 75 they would get the following benefit:
|Age||Share Balance||Shares Qualifying for Benefit||Rate of Benefit Insurance||Insurance Benefit|
|55 th Birthday||€2,000||€2,000||100%||€2,000|
|60 th Birthday||€3,000||€1,000||75%||€750|
|65 th Birthday||€6,000||€3,000||50%||€1,500|
|70 th Birthday||€15,000||€6,700||25%||€1,675|
The benefit is paid on the EXTRA amount saved between each birthday and the maximum benefit is paid on savings made before the age of 55.
Where members are borrowing from the Credit Union, there is obviously the possibility that they may not completely repay the loan due to death or permanent disability.
We prefer that they do not have the worry that they may leave a debt for their next of kin so we insure the loan against these risks.
There are some restrictions relating to the age of the member and the size of the loan, but in the main we succeed in covering almost every loan under this scheme.
One important condition is that the member must be in good health when taking out the loan, but even where they may have a pre-existing medical condition, we can usually either partially, if not fully, insure them.
For more information on any of the above please contact us.