Crosshaven - Carrigaline Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Crosshaven - Carrigaline Credit Union Limited in respect of eligible members is:
- Loan Protection Insurance
- Life Savings Insurance
- Death Benefit Insurance
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One of the attractions of a loan with the Crosshaven - Carrigaline Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.
What is Loan Protection Insurance?
In Crosshaven - Carrigaline Credit Union, should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.
You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 70th birthday. The credit union has the option of extending this age limit to the members 80th birthday by affecting cover under the Over 70 Rider. Disability cover however ceases on the eligible members 60th birthday.
Loan Protection Insurance is payable subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 70th birthday
- The cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid
- The total and permanent disability must be medically determined
- The total and permanent disability must commence before the 65th birthday
Life Savings Insurance is the life insurance cover provided to Crosshaven - Carrigaline Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.
Subject to a maximum benefit set by the Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €0.25 insurance
No insurance is payable on amounts saved after your 70th Birthday.
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
- Under the age of 70
- Actively at work, or if not working, in good health
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.
What are the benefits?
Depending on your age and how much you have saved with your credit union over the years, Life Savings insurance could provide your dependants with up to €12,700 on your death.
- Members must join before their 70th Birthday
- The basic benefit is €3,000 payable on the death of the Member
- The Death Benefit Insurance is provided at no direct cost to you the Member
- Death Benefit Insurance (DBI) is designed to relieve the burden of bereavement costs
All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of €3,500 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.
Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased from €250 to over €3000. Death Benefit Insurance wont ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday. You must also retain a minimum share balance of €200 at all times to be eligible.
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.