The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the member’s age at date of lodgement.
Subject to a maximum benefit of €7,700, every €1 saved before the age of 55 provides €1 of insurance. When over the age of 55 each €1 saved with the credit union provides the following benefit:
Once earned, insurance remains in force 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.
It is important to note that withdrawals from shares have a negative impact on Life Savings Insurance as the claim is based on the lowest share balance after the age of 55. Amounts lodged after the age of 70 are not insured however withdrawals do affect the benefit due.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
CU Cash Accounts
Savings held in CU Cash accounts also attract the benefit of LS insurance. The benefits are combined with a members savings in their standard share account for the purpose of the claim.