Loan Insurance clears a member’s loan in the event of their death. Loan Protection cover is provided for free to members once certain criteria has been met.
What are the benefits?
Should an account holder with an outstanding loan balance die, the loan balance is repaid in full, and the member’s family are not obliged to pay the remaining balance. Members can borrow in confidence that their family will not be obliged to repay an outstanding loan in the event of their death.
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 Insurance
What is Life Savings Insurance
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:
Funds lodged up to 55th birthday
Funds lodged between 55th and 59th birthday
Funds lodged between 60th and 64th birthday
Funds lodged between 65th and 70th birthday
Once earned, the insurance remains in force as long as you leave your savings with the credit union.
What are the benefits?
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.
Have you completed your Form of Nomination?
A nomination is an instruction whereby a member nominates a beneficiary to receive their property in the credit union upon their death. Property includes shares, deposits, loans and insurance proceeds. By completing a form of nomination, it enables your family to have access to your funds without having to wait for legal matters, such as Grant of Probate, to be sorted first. Maximum amounts, terms and conditions apply.