Insurance
Loan Protection Insurance
Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
St. Canice’s Credit Union provides this cover at no extra cost on the lives of its borrowing members between their 16th and their 85th birthday. The insurance benefit usually payable is the amount of the member’s outstanding loan balance. In the case of joint accounts, the first named on the account only is covered by this insurance.
Loan Protection Insurance is also extended to include total and permanent disability from any occupation. In the event of the member becoming totally or permanently disabled from being able to carry out any occupation, then the benefit described above may be paid. However, this total and permanent disability must be medically determined, must commence before the member’s 60th birthday and must not be a pre-existing illness.
(Terms & conditions apply to all insurances listed)
Savings Protection Insurance
Life Savings Insurance is payable on death of the eligible member, subject to policy terms and conditions.
The insurance benefit payable is in proportion to the amount of savings that a member has accumulated during the term of their membership. The benefit is also dependent on the member’s age at the date on which lodgements are made to the account and their state of health.
Subject to a maximum benefit of €5,000 (effective January 2020), every €1 saved before the age of 55 provides €1 of insurance. However, once over the age of 55, each €1 saved provides the following benefit:
| 55 – 60 | Every €1 provides | €0.75 in insurance |
| 60 – 65 | Every €1 provides | €0.50 in insurance |
| 65 – 70 | Every €1 provides | €0.25 in insurance |
Amounts saved after a member’s 70th birthday are not insured. However, cover built up before their 70th birthday remains in force provided savings remain in place. Withdrawals may affect the amount of life savings insurance payable. Again, only the first named member on a joint account is eligible for this insurance.
Please note that only shares accounts are covered by the Credit Union’s Life Savings Policy. Balances held in EFT/Current Accounts are not eligible for insurance cover.
Death Benefit Insurance
St. Canice’s Credit Union provides Death Benefit Insurance for all eligible members at no additional cost. This insurance gives members and their families some added security and relief from financial worry especially at the time of bereavement.
Did you know?
- All credit union members are eligible for this cover provided they have opened their account before reaching the age of 70 and maintain a minimum amount of €5 in savings.
- The Death Benefit Insurance amount currently payable is €1,950.
- There is no upper age limit – an eligible member who becomes ill does not lose benefit.
