Life Savings Insurance
Life Savings Insurance is the life insurance cover Naomh Breandan Credit Union takes out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union.
Life Savings insurance is paid by Naomh Breandan Credit Union
It is payable on the death of a member and is payable in addition to the amount held in savings. The amount paid out in the event of a member’s death will depend on your age and how much you have saved with your credit union over the years.
The insurance benefit payable will be in proportion 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. However, cover built up before the 70th birthday remains in force after the 70th birthday.
Withdrawals of savings can affect Life Savings cover and any withdrawals are considered as from last in deposits.
What are the benefits?
Subject to a maximum benefit set by your credit union, every €1 you save before the age of 55 provides €1 of insurance. So, if you are 54 years of age with €2,000 saved in your credit union, an insurance benefit of €2,000 will be paid out on your death, subject to the eligibility terms and conditions and Naomh Breandan’s life savings cover limit.
Once you are over 55 years of age, each €1 you save with your credit union provides the following insurance benefit:
- €1 saved between 55 - 59 years of age provides 75c insurance benefit.
- €1 saved between 60 - 64 years of age provides 50c insurance benefit.
- €1 saved between 65 - 69 years of age provides 25c insurance benefit.
What Savings are Eligible?
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 ask at the counter for details.
We thank you for supporting Naomh Breandan Credit Union.