What is Life Savings Insurance?
Life Savings Insurance is the Life Insurance cover our Credit Union takes out for all eligible members as an additional incentive to save regularly and maintain savings with our Credit Union.
The amount of Insurance benefit that will be paid out in the event of a members’ death will depend on age and savings accumulated over the years.
Subject to a maximum benefit set by our Credit Union, every €1 you save before the age of 55 provides €1 of insurance. So, if you are 54 years of age with €3000 saved, an insurance benefit of €3000 will be paid out on your death, subject to eligibility terms and conditions. So, in effect your savings up to a maximum of €5,000 will be doubled for your next of kin. The insurance is calculated based on the lowest share balance after the age of 55. Once you are over the age of 55 years of age, each €1 you save with your Credit Union provides the following Insurance Benefit:
- €1 saved under the age of 55 years of age provides €1 insurance benefit
- €1 saved between 55-59 years of age provides €0.75c insurance benefit
- €1 saved between 60-64 years of age provides €0.50c insurance benefit
- €1 saved between 65-69 years of age provides €0.25c insurance benefit
- No insurance is payable on amounts saved after your 70th Birthday
Withdrawals after the age of 55 years will affect the amount of Insurance that will be received upon your demise.
You are eligible for Life Savings Insurance cover when you save with our Credit Union and have:
- Joined the Credit Union before the age of 70 years and
- Are either actively at work, carrying out your normal duties, or in good health.
So 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 an additional €5,000 on your death.