Free Life Savings Insurance
Life Savings Insurance is the Life Assurance cover Inishowen Credit Union provides for its eligible members (free of charge). The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and benefits are payable only on the death of a member (some terms and conditions apply).
Savings Cover Limit
All Inishowen Credit Union’s member shares are insured up to a maximum of €10,200.
Age Limits | % of savings covered | |
Up to age 55 | 100% insured on balance or lowest balance thereafter | i.e. you will receive an extra 100% of your savings in your account up to a maximum of €10,200 |
Age 55-60 | 75% insured on balance or lowest balance thereafter | i.e. you will receive an extra 75% of your savings in your account up to a maximum of €10,200 |
Age 60-65 | 50% insured on balance or lowest balance thereafter | i.e. you will receive an extra 50% of your savings in your account up to a maximum of €10,200 |
Age 65-70 | 25% insured on balance or lowest balance thereafter | i.e. you will receive an extra 25% of your savings in your account up to a maximum of €10,200 |
Effect of Withdrawals
- Withdrawals have a negative impact on Life Saving Insurance as the claim is based on lowest share balance after the age of 55.
- Amounts lodged after age 70 are not insured however withdrawals can affect benefits due.
Free Loan Protection Insurance
Loan Protection Insurance is provided by Inishowen Credit Union for its members at no extra cost. This means that in the event of death, the loan is repaid in full by the insurance proceeds. Each member of the Credit Union is eligible for loan protection insurance if they meet the following criteria:
- Have not reached your 85th birthday.
- Have signed a credit agreement when the loan is granted.
- Are actually at work (or physically capable of carrying out the normal work duties)
- If not working are in good health.
In case of joint accounts both parties are insured.
