What is Life Savings Insurance?
Life Savings Insurance is the life insurance cover Capital Credit Union provides for all eligible members as an additional incentive to save regularly with us.
What Are The Benefits?
With Life Savings Insurance, your nominee(s) will receive a financial sum in the event of your death. The amount they receive will depend on your age and how much you have saved in the Credit Union over the years. There is no additional direct cost to you, the member.
How Does It Work?
The amount of insurance benefit which an eligible member, is entitled to is in direct proportion to their level of savings, the age of the member, and their savings pattern.
From the 1st of July 2020, subject to a maximum set by Capital Credit Union at €5,000, every €1 you save before the age of 55 provides €1 of benefit. So, if you are 54 years of age with €5,000 saved in your credit union account, an insurance benefit of €5,000 in addition to your savings will be paid out in the event of your death.
The level of cover decreases after the members 55th birthday, please contact a Capital Credit Union member of staff for more information on this. No insurance is payable on amounts saved after your 70th birthday.
Once earned, your insurance remains in force as long as you leave the savings in the credit union. Please note: Withdrawals may affect the amount payable.
What Is Loan Protection Insurance?
Loan Protection Insurance is the insurance cover Capital 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.
How Does It Work?
If a member who is eligible for insurance cover, and has signed the 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 union’s policy. Under the policy, cover ceases on the members 80th birthday.
Who Pays For It?
The cost of this insurance is covered by Capital Credit Union.