As an additional incentive for Members to save regularly, the Credit Union provides free Life Savings Insurance cover for eligible Member savings.
St Colman’s Credit Union is part of the Irish League of Credit Unions and one of the great benefits of Membership is free insurance on Savings & Loans. Upon the death of a member his or her savings balance is increased (within certain limits and with certain qualifying conditions attached) and the outstanding loan balance is cleared so as not to leave a burden attaching to the deceased estate.
The benefit can be as high as €10,200
Depending on your age and how much you have saved over the years, Life Savings insurance could provide your dependants with up to €10,200 top-up on your savings and loan-balance cleared.
The amount of benefit is age-dependant as outlined below:
Under 55, €1 saved provides €1 of insurance (e.g €100 saved + €100 benefit = €200 total)
55-59, €1 saved provides €.75 of insurance (e.g €100 saved + €75 benefit = €175 total)
60-64, €1 saved provides €.50 of insurance (e.g €100 saved + €50 benefit = €150 total)
65-69, €1 saved provides €.25 of insurance (e.g €100 saved + €25 benefit = €125 total)
Minimal eligibility conditions apply…
To be eligible for the insurance cover Members should begin saving when they are:
- Under the age of 70
- Actively at work, or if not working, in good health