Life Savings Insurance
Another way your local credit union aims to reduce our members’ financial worries is through the provision of FREE Life Savings Insurance for its eligible members. This is also an additional incentive for members to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the member’s age at date of lodgement.
Subject to a maximum benefit set by your Credit Union, every €1 you save before the age of 55 provides €1 of insurance. The maximum limit covered for Life Savings Insurance in this credit union is €12,700. Once you are over the age of 55, each €1 you save with your credit union provides the following benefit:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €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. It is important to note that 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.
What are the benefits?
Depending on your age and how much you have saved with your credit union over the years, Life Savings Insurance could provide your dependants with up to €12,700 on your death.