In addition to a number of optional insurance products, we offer two valuable insurance benefits AT NO CHARGE to Members.
Life Savings Cover
This scheme offers FREE LIFE INSURANCE relating to a Member’s Savings. The main terms and conditions are:
- Savings must be made, and maintained, in the Credit Union before the age of 70.
- The maximum insured amount is €7,700.
- The member must be in good health when joining.
Where members are borrowing from the Credit Union, there is obviously the possibility that they may not completely repay the loan due to death.
We prefer that they do not have the worry that they may leave a debt for their next of kin so we insure the loan against these risks.
There are some restrictions relating to the age of the member and the size of the loan, but in the main we succeed in covering almost every loan under this scheme.
One important condition is that the member must be in good health when taking out the loan, but even where they may have a pre-existing medical condition, we can usually either partially, if not fully, insure them.
Death Benefit Insurance
All “eligible” members of Carrickmacross Credit Union are covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of €1,300 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.
Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now more expensive and very few people realise the impact funeral bills will have on their lives. Death Benefit Insurance will not ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday. You must always retain at least €100.00 in your account at date of death. If your savings go below €100.00 at date of death, you will no longer be entitled to the benefit. Ask a staff member for assistance.
For more information on any of the above please contact Carrickmacross Credit Union.