Life Savings & Death Benefit Insurance
Life Savings Insurance
Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the mount of savings the member has, and depends on the members age at date of lodgement.
Subject to a maximum benefit set by the Credit Union, every EUR 1 you save before the age of 55 provides EUR 1 of insurance. Once you are over the age of 55 each EUR 1 you save with your credit union provides the following benefit:
- EUR 1 saved between ages 55-59 provides EUR 0.75 insurance
- EUR 1 saved between ages 60-64 provides EUR 0.50 insurance
- EUR 1 saved between ages 65-69 provides EUR 0.25 insurance
No insurance is payable on amounts saved after your 70th Birthday.
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
- Under the age of 70
- Actively at work, or if not working, in good health
Death Benefit Insurance
All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of EUR 1,000 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.
Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased from EUR 250 to over EUR 3000. Death Benefit Insurance wont ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for death benefit insurance you must be a Credit Union member and have a minimum share balance of EUR 300 and must have joined the Credit Union before your 70th birthday.