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 amount of savings the member has, and depends on the members age at date of lodgement.
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
Members of Drogheda Credit Union are insured for life at the following rates, subject to a maximum of €10,200 at no extra cost to the member.
|
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 your dependants with up to €10,200 on your death.
Nomination Forms
Don’t forget to fill in your Nomination Form and Keep it UP-TO-DATE!
When a member, aged 16 or over, opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process. For more information see our Shares Section in Available Services.
