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Life Savings Insurance
An incentive for regular saving
Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the member's age at date of lodgement.
How much insurance is provided?
Subject to a maximum benefit set by the Credit Union, every €1 saved before the age of 55 provides €1 of insurance.
For savers over age 55:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €0.25 insurance
No insurance is payable on amounts saved after your 70th birthday.
Once earned, your insurance remains in force as long as you leave your savings in your Credit Union. Withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the Credit Union provided that when they begin saving they are under the age of 70.
What are the benefits?
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 €3,000 on your death.
