Life Savings Insurance
Life Savings is a unique service provided by credit union affiliated to the Irish League of Credit Unions. It rewards eligible members for saving with their credit union. It is designed to protect members while they save, and in the unfortunate event of a member’s death, it can pay a benefit to the person(s) nominated by the deceased member. When a member first joins their credit union, they will complete a nomination form. This enables a member (over 16 years of age) to nominate or name someone to receive the property of their account, upon their death. This form can be updated at your credit union.
The calculation of the Life Savings insurance benefit is based on a member’s savings balance(s), the age of the member and the maximum Life Savings limit arranged by your credit union. This insurance is subject to policy terms and conditions but simply summarised, the following rules apply regarding savings:
- any savings lodged by a member on or after age 70 will not form part of the benefit calculation and,
- any withdrawals of savings may reduce any benefit payable and,
- any savings lodged must be done when the member was actively at work and regularly performing all the usual duties of their occupation or when they were in good health.
The Life Savings policy type and overall maximum cover limit is decided by your credit union and you must enquire of your local credit union for details of the covers held. Life Savings is provided by credit unions at no direct cost to members.
The credit union Life Savings service is provided to eligible members through group life insurance policies held by the credit union as policyholder. These group policies are provided to affiliated credit union by ECCU Assurance DAC on a “not for profit basis”. The policies of insurance and any benefits payable are subject to the relevant policies being maintained by the policyholder. They are also subject to insurance eligibility conditions, maximum cover limits and terms and conditions of cover.
ECCU Assurance DAC is regulated by the Central Bank of Ireland. Authorised by the Central Bank of Ireland.