Holy (Cash) Cow
Here’s another great benefit of being a Credit Union Member that you may not know about.
LIFE SAVINGS INSURANCE.
As a follow on from our update about the Funeral Plan Cover and despite it being a slightly morbid topic, death comes to us all. When you are gone it is good to know that you can leave a little behind for those who will need it more than you.
In St. Canice’s Credit Union we pay Life Savings Insurance (subject to normal policy terms and conditions).
The insurance benefit payable is in proportion to the amount of savings that you accumulate during your membership. The benefit is also dependent on what age you are at the date on which you make your savings lodgements to your account and also your state of health.
The maximum benefit is €12,700.
Every €1 you save before the age of 55 provides €1 of insurance.
However, once you reach the age of 55, each €1 you save after that birthday provides the following benefit:
|55 – 60||Every €1 provides||€0.75 in insurance|
|60 – 65||Every €1 provides||€0.50 in insurance|
|65 – 70||Every €1 provides||€0.25 in insurance|
Amounts saved after your 70th birthday are not insured.
However, cover you build up before your 70th birthday remains in force provided your savings remain in place.
Withdrawals will affect the amount of life savings insurance payable. Again, only the first named member on a joint account is eligible for this insurance.
It is only share savings accounts that are covered by the Credit Union’s Life Savings Policy. If you have money in EFT/Current Accounts, they are not eligible for insurance cover.
This is an amazing benefit that you get from being a member of St. Canice’s Credit Union. This is something to tell your friends and family about because you can be sure not everyone knows about this.
Who wouldn’t want to be a member of such a community people orientated organisation?
Refer a friend to us – they won’t regret it!