Member Insurance Products
What is Life Savings Insurance?
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 to a maximum €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?
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
confidence 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. Only the first named person is covered on a joint account. 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 full 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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