Because your Credit Union was formed solely to help it members, it aims to offer fair and reasonable rates on savings and loans. But this isn’t the only advantage to saving and borrowing with your Credit Union. Your Credit Union offers all eligible members Life Savings Insurance and Loan Protection Insurance at no direct cost.
The insurance is underwritten by the Credit Union movement’s insurance company, ECCU Assurance Company Limited and is paid for by Credit Unions. Members pay no individual charge.
What is Life Savings Insurance?
Life Savings Insurance is the Life Insurance cover your Credit Union takes out for all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union.
What are the benefits?
The amount paid out in the event of a member’s death will depend on your age and how much you have saved with your Credit Union over the years.
Life Savings insurance is paid by your Credit Union. There is no additional direct cost to you, the member.
How does it work?
The amount of insurance benefit which an eligible member is entitled to is in direct proportion to the savings and the age of the member.
Subject to a maximum benefit set by your Credit Union, every €1 you save before the age of 55 provides €1 of insurance. So, if you are 54 years of age with €3000 saved in your Credit Union, an insurance benefit of €3000 will be paid out on your death, subject to the eligibility terms and conditions.
Each €1 you save with your Credit Union provides the following insurance benefit:
|Shares lodged between 6 months and 54 years old||€1 per €1 saved|
|Shares lodged between 55 years and 59 years old||€0.75 per €1 saved|
|Shares lodged between 60 years and 64 years old||€0.50 per €1 saved|
|Shares lodged between 65 years and 69 years old||€0.25 per €1 saved|
|Shares lodged after 70 years of age||Nil|
N.B Once earned, your insurance remains in force as long as you leave your savings in the Credit Union. Withdrawals may affect the amount payable.
Am I eligible?
You are eligible for Life Savings insurance cover when you save with your Credit Union, if you:
- Join the Credit Union before the age of 70 years and
- Are actively at work, or if not working, are in good health.
For further details on any of the above information, talk to us today by calling 091 537200 and we will be happy to answer any of your queries.