Life Savings Insurance
Life Savings Insurance is an insurance benefit offered by St. Brigid’s Credit Union to eligible members.
The Life Savings Insurance premium is paid for by St Brigid’s Credit Union. Therefore there is no additional direct cost to you, the member.
The benefit is payable on the death of a member and is payable in addition to the amount held in savings.
Depending on your age and the amount that you have saved with the Credit Union, Life Savings insurance could provide your dependants with the following:
In your share account every €1 you save:
|Before 55||Provides €1 of Insurance|
|56-59 Inc||Provides 75c of Insurance|
|60-64 Inc||Provides 50c of Insurance|
|65-70 Inc||Provides 25c of Insurance|
|70+||No Insurance cover|
A member is eligble for Life Savings Insurance cover if they have joined the credit union before the age of 70 years and are actively at work or in good health at the time of lodgements.
- Maximum level of cover provided by St. Brigid’s Credit Union Ltd is €12,700.00
- The insurance benefit payable after your death is linked to the amount of savings that a member has made during the term of membership.
- The benefit is also dependent on the member’s age at the date lodgements are made to the account.
- Amounts saved after the 70th birthday are not insured and any withdrawal of savings after age 70 can permanently reduce the amount of cover held.
- Withdrawals of savings at any age can reduce the level of cover held.
You are 54 years of age with €1,000 saved in your account. Should you die at this age then an insurance benefit of €1,000 will be added to your savings.
The amount of Life Savings payable is calculated by ECCU Assurance Company Ltd and is based on the age, health and timing of savings made by the deceased member, prior to his/her death.