Find out about the insurance offered by SBCU

Members Insurance

St Brigid’s Credit Union are delighted to inform you of the Member Insurance benefits we have on offer, at no additional cost to our members.

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:

AgeCover
Before 55Provides €1 of Insurance
56-59 IncProvides 75c of Insurance
60-64 IncProvides 50c of Insurance
65-70 IncProvides 25c of Insurance
70+No Insurance cover

Please note:
A member is eligible 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.

 

EXAMPLE

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.

What is it?

Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. This means the loan debt will be wiped clean in the event of the member’s death. You can take out a credit union loan in the full confidence that your family will not have to repay the loan in the event of your death.

The premium for the loan protection insurance is paid by St. Brigid’s Credit Union. There is no additional direct cost to you, the member.

Who is eligible?

All members’ loans (up to age 85) are automatically insured up to €10,000. Loan balances greater than these limits are subject to completing a Declaration of Health Form; members must be actively at work OR able to carry out normal occupational duties. The underwriters ECCU Assurance Company Ltd have the right to decline or restrict cover for members.

 

If you would like more information please contact St. Brigid's Credit Union today.

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