One of the great benefits of credit union membership is the free insurance provided on savings and loans and members frequently ask about it. In brief, upon the death of a member, his or her savings balance is increased and the outstanding loan balance is cleared so the family are not responsible for the debt.* (*within certain limits and with certain conditions)
Life Savings Insurance
What is Life Savings Insurance?
Life savings insurance is the life insurance cover a credit union provides for its eligible members (free of charge) as an additional incentive for them to save regularly in the credit union. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and benefits are payable only on the death of a member (terms and conditions apply). Tipperary Credit Union has opted to insure members’ savings up to a maximum amount.
Savings after 70th birthday are not insured.
Terms and Conditions apply. Please note you must have joined the Tipperary Credit Union before the age of 70 to be eligible for the Life Savings Insurance. For more information on Life Savings Insurance, please contact us on 062 80400 or email at info@tipperarycu.ie
This amount is calculated by the Irish League of Credit Unions and is based on the age, and amount of savings of the deceased member, on his/her death.
Withdrawal of Shares will impact the amount of Life Savings Insurance received. Where possible, we would encourage members aged 55 years and over to borrow on the strength of their savings and not to withdraw from Shares.