INSURANCE

Free Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

The insurance benefit payable is the amount of the member’s outstanding loan balance.

Under the Ballinasloe Credit Union policy death cover ceases on the members 85th birthday.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy.

For joint accounts both parties are covered.

Please note there is no direct cost to the member for this service.

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 to in proportion to the amount of savings the member has, and depends on the members age at date of lodgement.

Subject to a maximum benefit set by you 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:

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:

For joint accounts only the first named member is covered.

The maximum amount of insurance that can be paid out is €3,000.

Please note there is no direct cost to the member for this service.

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 €1,300 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 €300 to over €6,000. Death Benefit Insurance won’t 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. Member must be in good health when opening the account and must satisfy the requirement of having a share balance of €250.00 at the time of death.

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