Life Savings Insurance
Life Savings insurance is the life insurance cover which credit unions take out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union.The insurance is underwritten by credit unions’ own insurance company, ECCU Assurance DAC and is paid for by credit unions.There is no direct cost to credit union members.
The amount paid out in the event of an eligible member’s death will depend on age and how much has been saved with the credit union over the years.
Subject to a maximum benefit set by each credit union, every €1/£1 stg you save before the age of 55 provides €1/£1 stg of insurance. So, if you an eligible member aged 54 with €2,000/£2,000 stg saved in the credit union passes away, an insurance benefit of €2,000 / £2,000 will be paid out on your death. This is subject to the eligibility terms and conditions and the credit union’s life savings cover limit.
Once a member is over 55 years of age, each €1 / £1 stg you saved with the credit union provides the following insurance benefit:
- €1 / £1 stg saved between 55 - 59 years of age provides 75c / 75p insurance benefit.
- €1 /£1 stg saved between 60 - 64 years of age provides 50c / 50p insurance benefit.
- €1 / £1 stg saved between 65 - 69 years of age provides 25c / 25p insurance benefit.
- No insurance is payable on amounts saved after your 70th birthday.
Once earned, your insurance remains in force as long as the member leaves the savings in the credit union. Withdrawals may affect the amount payable.
Your savings are eligible for insurance cover if they were lodged:
- before your 70th birthday,
- when you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health, and
- further terms and conditions can apply.
Please contact your credit union directly if you require more information on the Life Savings insurance cover which they provide.