What is Life Savings Insurance?
An exclusive service to our members:
Life Savings* is a unique service provided for the benefit of Link Credit Union members. It rewards eligible members for supporting their Credit Union and protects members while they save. There is no charge to members for this service. In the unfortunate event of your death, the Life Savings service can pay a benefit to the person(s) nominated to receive the property of your account. For further information on nomination see below.
The Life Savings service provided by your Credit Union changed in 2021 and the new service is called Life Savings, date of death. This new option makes the calculation of the benefit simpler as described below.
Am I eligible for the Life Savings service
You are eligible once you:
- remain a fully paid up member of your credit at all times,
- lodge your savings before your 70th birthday and,
- lodge your savings when you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health.
How much Life Savings is provided?
The maximum benefit payable to an eligible member is €3,000.
How is the Life Savings benefit calculated?
The benefit is calculated by multiplying the relevant savings balance by a single benefit percentage which is determined by your age at death.
Benefit percentages at each age at death category :
- Member dies before age 55 (100%)
- Member dies between ages 55-59 (75%)
- Member dies between ages 60-64 (50%)
- Member dies between at age 65 or greater (25%)
The relevant savings balance used is the savings balance held at date of death, for deaths occurring before age 70. For deaths after age 70, the relevant savings balance is the lowest savings balance between age 70 and the date of death. The savings balance used is also subject to the overall maximum limit set at €3,000. Note also that any withdrawal of savings made after age 70, can reduce the benefit payable.
When you first joined your Credit Union you may have completed a nomination form. This enables you as a member (over 16 years of age) to nominate or name someone to receive the property of your account, upon your death. This form can be updated if necessary at our offices.
*The Life Savings service is provided to eligible members through life assurance policies owned by the Credit Union. The Credit Union is the policyholder; individual members are not policyholders. Insurance eligibility conditions, maximum cover limits as well as terms and conditions of cover apply.