Life Savings Insurance
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)
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 of €3,000
How is Life Savings Calculated?
The maximum benefit is currently €3,000 which may be amended from time to time by the Board.
Age of Death Benefit (must have at least €3,000 in the account at the time of death)
0-54 years €3,000 or 100% of savings if < €3,000
55-59 years €2,250 or 75% of savings if < €3,000
60-64 years €1,500 or 50% of savings if < €3,000
65-Plus €750 or 25% of savings if < €3,000
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 email@example.com
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.
Date updated 21/12/2020/CC