Share & Loan Insurance
Life Saving Insurance
This is a free life insurance cover for all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. In basic terms it means in the event of your death, we pay out a benefit. The amount of benefit a member is entitled to is in direct proportion to their savings and their age. Once earned the insurance remains in force as long as you leave your savings with the credit union. Withdrawals may affect the amount payable.
The maximum benefit is currently €3,000 which may be amended from time to time by the Board.
Age of Death Benefit
0-54 years 100% of member shares balance (up to a maximum limit of €3,000) on date of death
55-59 years 75% of member shares balance (up to a maximum limit of €3,000) on date of death
60-64 years 50% of member shares balance (up to a maximum limit of €3,000) on date of death
65-69 years 25% of member shares balance (up to a maximum limit of €3,000) on date of death
70 plus years 25% of member shares balance (up to a maximum limit of €3,000) from age 70 to date of death
Terms and Conditions apply. For more information on Life Savings Insurance, please contact us on 045-879622 or email info@lifecu.ie
Loan Protection
Loan Protection Insurance is payable on the death of the eligible member.
Should a member with an outstanding loan balance pass away, the balance is repaid in full, subject to certain cover limits which may apply. This means that you can borrow from us, having the peace of mind that your dependants will not be obliged to repay the outstanding loan balance.
The basic policy insurance cover ceases on the members 70th birthday. However, we have extended this cover to continue until a member reaches their 85th birthday.
Terms and Conditions apply. For more information on Loan Protection Insurance, please contact us 045-879622 or email info@lifecu.ie
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