Life and Loan Protection Insurance - Link Credit Union Ltd

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Insurance

Loan Protection Insurance

Loan Protection Insurance is a FREE insurance provided at no direct cost to our members. It is the cover our Credit Union takes out on the lives of eligible members with Credit Union loans. Should a member with an outstanding loan balance pass away, the balance of the loan is repaid in full, subject to terms and conditions and certain cover limits that apply. You will be informed before the loan is drawn down if you are not eligible for full loan cover.

You can borrow from our Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death. Terms and conditions apply for eligibility. Please speak to a member of our lending team.

Life Savings Insurance
Life Savings Insurance

Our life savings cover is currently €3,000. This means that the maximum amount of insurance on savings will be at this level. This is an insurance provided by the Credit Union at no additional cost to the member.

What is Life Savings Insurance?

Life Savings

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.

Nominations

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.

Death Benefit Insurance

Death Benefit Insurance – DBI – is an insurance provided by our Credit Union to help cover the costs of your funeral expenses . There is no direct cost to our members for this insurance. For eligible members, we will pay out €1,300 towards your funeral expenses. This will ease the untimely financial burden on your loved ones. Should an accidental death occur the Death Benefit amount payable will be €2,600. Terms and Conditions Apply.

You are eligible for Death-Benefit Insurance if you are:

  • Aged over 16.
  • Have joined our Credit Union before your 70th Birthday.
  • Have maintained a minimum share balance of €25 in your account.
  • Are actively at work, carrying out your normal duties, or otherwise in general good health when you became a member.