Member Login Life Savings Insurance
Life Savings insurance is another free benefit, an additional incentive to save with the Credit Union. This insurance payment is separate to both the Loan Protection Insurance and the Death Benefit Insurance.
On death, a member’s shares are paid to the Nominee. Life Savings Insurance may also be payable, depending on the age at which the shares were lodged.
For every euro you lodge to shares before age 70, you become entitled to extra insurance. This assumes that you are actively at work, or if not working, in good health. The maximum amount of Life Savings Insurance is €12,700.
The following table shows how your insurance builds up:
|
Shares Accumulated |
Insurance Cover |
|
Age under 55 |
100%, i.e. €1 for every €1 saved |
|
55 – 60 |
75%, i.e. 75c for every euro saved |
|
60 – 65 |
50%, i.e. 50c for every euro saved |
|
65 – 70 |
25%, i.e. 25c for every euro saved |
|
Age over 70 |
0% |
Don’t forget that insurance is paid in addition to the repayment of your shares. Once you reach age 55, it is advisable to avoid withdrawing shares, in order to maintain your insurance entitlements. Consider a Credit Union loan instead.