Life Savings Insurance
One of the great benefits of credit union membership is the free insurance provided on savings. In brief, upon the death of a member, his or her savings balance is increased (subject to terms and conditions)
Life savings insurance is the life insurance cover a credit union provides for its eligible members (free of charge) as an additional incentive for them to save regularly in the credit union. 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). Ballaghaderreen & District Credit Union Ltd has opted to insure members’ shares up to a maximum of €7,700.
How it works
The amount of insurance benefit, which an insurable member is entitled to, is in direct proportion to their savings and their age at the time the money is lodged. In your credit union account every €1 you save gains additional insurance in accordance with the following table.
|Age at time of lodgement||Cover provides for|
|Before 55||€1 of insurance|
|55 to 59 incl.||75c of insurance|
|60 to 64 incl.||50c of insurance|
|65 to 70 incl.||25c of insurance|