Subject to a maximum benefit set by your Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:
- €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.
Example
You are 54 years of age with €3,000 saved in your account. Should you die at this age then an insurance benefit of €3,000 will be added to your savings.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
- Under the age of 70,
- Actively at work, or if not working, in good health,
- Remain a member of the credit union.
What are the benefits?
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from your 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*. You should check with your local credit union branch for full details of cover under their loan protection policy.
The maximum amount of your savings insured is currently €3,000.
The Life Savings Insurance premium is paid for by Athenry Credit Union.
(Terms and conditions apply for more information please contact Athenry Credit Union.)
