Killarney Credit Union

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Insurance

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Beech Road

064 KillarneyCU6631344

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Park Road

064 KillarneyCU6637800

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Kenmare

064 KillarneyCU6642111

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Kenmare

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Killarney Credit Union

Insurance

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Insurance

Member Insurance Products

 

What is Life Savings Insurance?

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Life Savings Insurance is cover that is payable on the death of the eligible member. The insurance benefit payable will be in proportion to the amount of savings that a member has made. Savings are topped up by €5,000 on the death of the member. 
The benefit is also dependent on the member’s age at the date that lodgements or withdrawals are made to the account.
Any amount saved after the members 70th birthday is not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday. Withdrawals of savings can affect Life Savings cover as any claim is based on the lowest share balance after the age of 55. 

 

What is Loan Protection Insurance?

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The outstanding loan balances of eligible members are automatically insured at no direct cost to the member on their death. Members can take out a credit union loan in the full
condence that their dependents will not have to repay the loan on death or total and permanent disability (subject to terms and conditions).

Killarney Credit Union covers loans for members until they reach their 85th birthday. Joint accounts are also covered for the second named member. Both members must sign the
credit agreement. Both members must complete and sign a separate ECCU Declaration form (new) when appropriate.

Total Permanent Disability cover for members aged over 70 is €40,000. If a member has a loan in excess of €40,000 at age 70,cover will still reduce to €40,000. The disability must commence before the 60th birthday. 

All insurance policies are subject to terms and conditions.
Loan Protection Insurance repays the loan balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal duties at the time the loan is granted. Members can take out a credit union loan in the ful confidence that their dependents will not have to pay the loan on death.

 

Whats is Death Benefit Insurance?

This insurance provides basic Life Insurance cover of €1,000 to
help pay towards the members funeral expenses. In the unfortunate event of accidental death, the Life Insurance will double to €2,000. Payment will normally be made directly to
the Funeral Undertaker or to a family member who can provide evidence that they have paid the funeral expenses. This insurance is provided free of charge.
The eligibility criteria include members who:
• Joined the credit union before 70 years of age.
• Remained a member of the credit union.
• Are or have been eligible for cover under the Life Savings Policy.

 

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Repayment Protection Insurance

Repayment Protection Insurance
Repayment Protection Insurance is an optional insurance policy
that meets your loan repayments for a speciĀc period of time, if
you are forced out of work by any of the following events:
• Accident (cover up to 24 months)
• Sickness (cover up to 24 months)
• Unemployment (due to redundancy/business failure)
(up to 12 months)
• Critical illness (lump sum – certain illness may be excluded)
You can take out a Repayment Protection Insurance when you
enter into a loan agreement or top up an existing loan with
Killarney Credit Union.
To qualify for Death Bene!t Insurance, eligible members must
maintain a minimum of €250 in their share accounts.
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What are the benets of Repayment Protection Insurance?
The maximum monthly benet payable under the policy is your
loan repayment or €2,000 whichever is the lesser. The benet is
payable up to a maximum of 24 months for accident & sickness
benet or 12 months for involuntary unemployment. If you are
diagnosed with specied critical illness a payment may be
made under the policy.
The key benets of the policy is that you don’t need to dip into
your savings to keep up repayments when you are unable to
work due to any of the conditions listed. Other advantages are:
• The breadwinner clause is included.
• The same rate is applied to all borrowers.
• No medical examination is required when applying.
Who is eligible for cover?
• You are aged 18 years or over.
• You are aged 70 years or less (your policy will end on
your 70th Birthday).
• You or your spouse are in full time employment (working
16 hours or more a week) prior to the start date of cover.
• PAYE or Self Employed paying PRSI.
• You have applied and been accepted for a loan with
Killarney Credit Union.
• You are a permanent resident in Ireland.
• You are not aware of any impending incapacity or critical
illness at the start of the policy.
• You have not been notied of impending involuntary
unemployment.
How much does Repayment Protection Insurance cost?
The premium rate is 8.99% of the loan repayment. Therefore, if
your loan repayment is €100 per month, the premium will be
€8.99 per month that you pay. You will pay €100 loan
repayment to your credit union and €8.99 to the insurance
company. This payment has to be made by diret debit or
standing order to the insurance company. Repayment
Protection Insurance is provided by London General Insurance
Company which is regulated by the Central Bank of Ireland.
What is the breadwinner clause?
If you do not work, you can attach the insurance cover to your
earning spouse/partner. This is called the Breadwinner Clause.
This means that if your earning spouse/partner is unable to
work due to any of the insured events, your loan repayments
will be met by the insurance cover.
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Are there exclusions to the Repayment Protection Insurance
cover?
There are a range of exclusions applicable to the RPI which will
be contained in the policy document.
How can I apply?
You can ask sta! member to process your RPI cover when you
apply for your loan. If your loan details change, so will your
premium.
Additional Information
Making a Disability claim
In making a claim for disability cover, you will be required to
provide a Private Medical Attendants Report which will be
forwarded to the Insurance company.
Making a Death Bene!t claim
We will require an original death certi"cate or original coroner’s
interim report. We will also need the funeral invoice for
payment under the Death Bene"t Insurance.
Making an Repayment Protection claim
A claim form can be requested from the Warranty Group 1800
200151. You should complete and return this form in
accordance with the instructions contained in the policy
document. Your claim will be processed within 5 days provided
all documentation is supplied.
Nomination & Insurance Cover
Where a member has completed a Nomination Form, the
account balance plus the proceeds from the insurance can be
paid directly to the nominee to a maximum of €23,000.
Sums exceeding €23,000 will be paid to the deceased estate. In
the event of there being no nomination form completed by the
member, the total shares plus the insurance will be paid to the
members estate.
Who makes the payment?
ECCU Insurance & Warranty Group assess the members account
and insurance claim and process the insurance cover on behalf
of members of Killarney Credit Union.

Insurance Affinity Partners

Killarney Credit Union works with a number of partners in offering members a range of credit union insurance products. These include car, home, travel, health insurance products.

Coveru:

Coveru.ie is a new suite of insurance services brought to you by credit unions and AIG. Coveru.ie offers great value to credit union members on home, car and travel insurances.

Online via the coveru.ie website at www.coveru.ieOver the phone by contacting AIG Customer Service 1890 410 410. 

Axa 

Axa offers a 10% discount on car and home insurance products for credit union members. Tel 1890-3360339 or call to AXA in 29 High Street, Killarney.

VHI

VHI offer member discounts for group schemes. Call 1850-211558. 

Cornmarket Health Comparison Service 

Tel: 01-4708092 www.cornmarket.ie

 

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