Life Savings Insurance

Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the mount of savings the member has, and depends on the members age at date of lodgement.
Subject to a maximum benefit of €20,000 set by your 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:
Your Credit Union provides Life Savings Insurance at no extra cost

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St Colman’s Credit Union is part of the Irish League of Credit Unions.  One of the great benefits of credit union membership is the free insurance provided on savings and loans.  Upon the death of a member his or her savings balance is increased (within certain limits and with certain qualifying conditions attached) and the outstanding loan balance is cleared so as not to leave a burden attaching to the deceased estate.

Insurance cover provided on savings.

Age                           Savings                                Insurance Cover
Under 55                   every €1 provides                 €1 of insurance
55-59                         every €1 provides                 €.75 of insurance
60-64                         every €1 provides                 €.50 of insurance
65-69                         every €1 provides                 €.25 of insurance
 
Savings lodged on or after 70th Birthday are not covered by insurance.        
Example                      Age                 Insurance         Total
€100 saved under           55                 +€100               €200
€100 saved between      55-59            +€75                €175
€100 saved between      60-64            +€50                €150
€100 saved between      65-70            +€25                €125

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

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 you dependants with up to €20,000 on you death