To qualify for loan protection insurance, members must be of good health and fit to carry out the normal duties of their occupation at the date the loan was approved. Retired members are covered provided they are in good health when the loan was approved. In all circumstances, cover ceases on the member’s 80th birthday, even if there is an outstanding loan balance at that time.
Certain limits apply and a Declaration of Health Form may be required to obtain loan protection cover. Terms and conditions apply.
Life Savings Cover is a type of share insurance which pays a benefit on a member’s shares at the time of death. The insurance policy pays a benefit that is based on the amount of savings made during the account holder’s lifetime.
A member’s share balance can be doubled on their death, subject to a maximum insurance payment of €12,700. The benefit is also dependent on the member’s age on the date lodgements were made into the share account as detailed below:
Once earned, the insurance remains in force as long as you leave your savings with the credit union.
In the event of a member’s death, an insurance benefit (up to a max of €12,700) will be paid to the account holder’s nominated recepient.
Life Savings Insurance is available for members over the age of 16 only. The benefit is dependent on the member’s age at the date lodgements are made to the account. Withdrawals may affect the amount payable. It is important to note that the maximum insurance of €12,700 can only be granted by having a minimum of €12,700 in a member’s share account before the age of 55 and maintaining that balance until death. Terms and conditions apply.