Life Savings

Life Savings insurance is a life insurance benefit your credit union has in place for all eligible members as an additional benefit for members who save regularly and maintain savings with the credit union.

The benefit 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 when savings were lodged and how much you have saved with your credit union over the years.

The premium for this Life Savings insurance is paid by your credit union. Therefore there is no additional direct cost to you, the member. The insurance is underwritten by the credit unions’ own insurance company, ECCU Assurance DAC.

Please note:

  • The insurance benefit payable after your death is linked 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 and any withdrawal of savings after age 70 can permanently reduce the amount of cover held.
  • Withdrawals of savings at any age can reduce the level of cover held.

 

What are the benefits?

Each credit union sets their limit for cover which can be changed from time to time. Typically cover limits can range from €3,000 to €20,000 or £2,000 to £15,000. Please contact your credit union for further details of their cover limits, eligibility and details of how their cover works. Terms and conditions apply.