South Dublin Credit Union also offers all eligible members insurance services. These insurance services are paid for directly by the credit union. No Extra Charge to South Dublin Credit Union members.
Loan Protection Insurance
Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.
Should an insured borrower die, 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/credit agreement 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.
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 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:
- €1 saved between ages 55-59 provides 75% insurance
- €1 saved between ages 60-64 provides 50% insurance
- €1 saved between ages 65-69 provides 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
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 €7,700 on your death.