Life Savings Protection
Life Savings insurance is a life insurance cover your Credit Union provides free of charge to all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union.
What are the benefits?
With Life Savings insurance, your dependants will receive a financial sum in the event of your death. The amount they will recieve will depend on your age and how much you have saved with your Credit Union over the years.
Life Savings insurance is paid for by your Credit Union. There is no additional directcost to you, the member.
The amount of insurance benefit which an insurable member is entitled to is in direct proportion to their savings and their age. (this depends on certain terms and conditions)
For Example:
If you are 54 years of age with €1000 saved in the Credit Union , an insurance benefit of €1000 in addition to your €1000 will be paid on your death.
If you are 57 years of age with nothing saved before the age of 55 but save €1000 since , an insurance benefit of €750 in additionto your savings will be paid out on your death.
Once earned, the insurance remains in force as long as you leave your savings with the Credit Union. Withdrawals may affect the amount payable.
| Age |
Amount Saved |
Savings Insurance Cover |
| 0-6mths |
for every €1 saved |
You get €0.25 cover per €1 saved |
| 6mths to 54 yrs |
for every €1 saved |
You get €1 cover per €1 saved |
| 55 to 59 yrs |
for every €1 saved |
You get €0.75 cover per €1 saved |
| 60 to 64 yrs |
for every €1 saved |
You get €0.50 cover per €1 saved |
| 65 to 70 yrs |
for every €1 saved |
You get €0.25 cover per €1 saved |
*This is subject to a maximum of €23,000
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