Members Insurance
Community Credit Union are delighted to inform you of the Member Insurance benefits we have on offer, at no additional cost to you, the members.
Life Benefit Insurance
Life Benefit Insurance
Life Benefit Insurance is the Life Insurance cover your credit union takes out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union. There is no additional direct cost to you, the member.
Who is eligible?
- Members must join before their 71st Birthday
- Members must have a minimum of €250 in shares
- All members gets minimum €1,000 insurance
- Cover up to €16,000
- Based on balance at date of death
- Lodgements made after 70 are insured
Example:
- Mr Smith dies aged 59, with €5,000 in savings. LBI limit is €16,000. To what level of benefit is he entitled? As per chart Mr Smith is entitled to 75% of €5,000 = €3,750
Loan Protection Insurance
Loan Protection
Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members. This is a free service provided by Community Credit Union to members which means that in the event of death, your loan will be cleared under the below conditions.
- Up to age 70 Max cover of €100,000
- From age 70 to 85 Max cover of €40,000
- Over age 85 No Cover
- Joint Accounts – both members fully covered to the above limits
- Written off loans covered to the above limits.
Exclusions:
If you die within 6 months of the date of your loan due to a pre-existing medical condition, your loan may not be covered by the Credit Union’s policy, in which case your savings, plus any insurance benefit due on these savings, may then be used as security against the value of your outstanding loan.
Example:
Mr Smith dies aged 59, with an outstanding loan balance of €25,000. To what level of benefit is he entitled?
- As the outstanding loan balance is below the coverage limit (€100,000), a benefit of €25,000 will be paid.
Accidental Death & Dismemberment Insurance
This benefit provides members with an additional lump sum benefit if they die or are dismembered as a result of an accident. The age range is 16 years through to 69 years and the benefit is based on the Life Benefit Insurance benefit amount payable.
Benefit Matrix:
