What kind of insurance do we provide?
The Credit Union offers the following insurance services to members:

• Loan Protection / Life Savings Protection
• Loan Protection Insurance
• Death Benefit Insurance
• Home Union (Home) Insurance
• Auto Union (Motor) Insurance
• Travel Insurance
• Health Group Scheme

Insurance on shares and loans is arranged for us through the Irish League of Credit Unions, which has its own Life Assurance company. The premiums are paid for by the Credit Union.

Insurance on shares
Insurance on shares up to a maximum of €12,697 is related to a members age at the time the money was saved. Every €1 saved provides insurance cover as follows:

Age 70 and over there is no insurance.

For example, if a person saved €400 between ages 55-59 and €200 between ages 60-64, and then dies, the next of kin would get €1000 made up of €600 in shares plus €400 insurance (€300 + €100). At the time of saving the member must be actively at work - or if not working, in good health.

Once earned, the insurance remains in force providing you maintain your savings at the amounts reached when you attained the above age levels.

Insurance on loans
Insurance on loans means that in the event of a member's death, the loan is wiped out, provided the member is under 80 years of age and, at the time of getting the loan, they were in good health and actively engaged in the usual duties of his/her occupation.

For example, if a person had saved €200 before the age of 55 and owed €450 on a loan at the time of his death, the loan would be wiped out and his widow would receive €400 (€200 savings and €200 insurance).