ECCU Assurance DAC



Who is ECCU?

ECCU Assurance DAC

In 1958 the pioneers of the Irish credit union movement had a keen awareness of the need to protect their members. As a result the credit union movement founded its own life assurance company called ECCU Assurance DAC and developed two life assurance products called loan protection and life savings insurance cover. These life products purchased by credit unions to this day, exist to protect the millions of credit union members on the island of Ireland by ensuring that debts owed by these member at the time of their death, die with the members. It’s what makes joining and being a member of a credit union in Ireland so different. 
 

What ECCU Protection Products are available in Credit Unions?

The two main life assurance products are called Loan Protection and Life Savings insurance or LPLS for short. However there is another product called Death Benefit Insurance or DBI which is an optional benefit that some credit unions provide to their members. These products are explained below in more detail.


Loan Protection

Loan Protection is a benefit credit unions provide to their members at no extra cost when they borrow from their credit union. It can protect eligible members by repaying the member’s loans in the unfortunate event of death. It is a valuable benefit which gives credit union borrowers peace of mind when they borrow. There is no direct cost to borrowers, as the credit union has group insurance cover in place with ECCU to provide this benefit and pays the insurance premiums.  Like all insurance policies, terms and conditions of cover apply. You can obtain further information on loan protection benefit at your local credit union.


Life Savings

One of the main reasons credit unions exist is to encourage members into a regular saving habit. To reward members that save regularly, your credit union provides a life savings benefit to eligible members in the unfortunate event of their death, through a group life savings insurance policy the credit union has taken out with ECCU. The benefit paid depends on the amount saved, your age when the savings were made and the savings insurance cover limit held by your credit union. The benefit payable may be reduced if you withdraw your savings. There is no direct cost to members for this unique service as the credit union pays the insurance premiums. Of course terms & conditions of cover apply and details of the life savings cover limit are available from your local credit union.


Death Benefit Insurance

No one likes to think about death be it your own or that of a loved one, but the simple fact is a bereavement will result in very significant expenses for loved ones at a difficult time. To help pay these expenses some credit unions have arranged to provide a benefit to eligible members and have arranged group insurance policy with ECCU called Death Benefit Insurance or DBI to provide this benefit. DBI is designed to pay a fixed lump sum in the unfortunate event of your death. The key difference between the DBI and the Life Savings benefit is, the DBI benefit is a fixed amount and the same for all eligible members e.g. £1,000 Northern Ireland /€1,300 Republic of Ireland. Your credit union can provide details of the DBI cover limit they have arranged and can also check to see if you are included. To be included there are some insurance terms and condition of cover to meet and your credit union may also have its own local participation criteria. You can enquire of your local credit union to see if they provide the DBI service.
 


Solvency and Financial Condition Report Repository

 
ECCU Assurance DAC
Solvency and Financial Condition Report (“SFCR”)
(for the financial year ended 31st December 2017
Download here
ECCU Assurance DAC
Solvency and Financial Condition Report (“SFCR”)
(for the financial year ended 31st December 2016)
Download here

ECCU Assurance DAC is regulated by the Central Bank of Ireland. Authorised by the Central Bank of Ireland.
Registered No. 73410. Registered Office 33-41 Lower Mount St., Dublin 2, D02 Y489.
Directors: J.Gibson (British), J.Hickey, G.Jordan, J.Kehoe, A. Kennedy, C.Murphy, E.Sharkey.

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