Life Savings Insurance
Life Savings Insurance is provided on savings up to a maximum of €3,000 at no extra charge to the member, subject to terms and conditions. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings were lodged and the minimum account balance thereafter.
The following illustrates the benefit payable:
Under 55: Every €1.00 saved provides €1.00 of insurance
Between 55 & 59: Every €1.00 saved provides .75c of insurance
Between 60 & 64: Every €1.00 saved provides .50c of insurance
Between 65 & 70: Every €1.00 saved provides .25c of insurance
Savings lodged on or after the 70th birthday are not covered by insurance. The main criteria to be eligible for Life Savings Insurance are:
- Savings must be made in the Credit Union before the age of 70, and maintained
- You must be actively at work; or
- If not working must be in good health at the time the savings were lodged.
- Life Savings Cover is only provided on the first named member on a joint account. Second named members on joint accounts are not covered.
Remember
If you are aged 55 or over and are unsure of the benefits applicable to you under the Life Savings Insurance Scheme feel free to ask for advice before withdrawing savings from your account. We will be only to glad to advise you of your position.
