Insurance
Ballinlough Credit Union offers all eligible members insurance cover which is paid for directly by the Credit Union.
The following is the cover currently provided for:
- Loan Protection Insurance
- Life Savings Insurance
- Death Benefit Insurance
Life Savings and Death Benefit Insurances are provided without cost to the Member.
FAQ
One of the attractions of a loan with Ballinlough Credit Union is free loan protection insurance. This means member’s loans are covered by insurance in the event of death or total and permanent disability provided the member is in good health when taking out the loan and disability occurs before reaching the age of 60 years and the loan is repaid before reaching the age of 80 years.
This allows members to take out a Credit Union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. Banks and other financial institutions charge a separate insurance premium on top of the loan repayments for this service.
Terms and conditions apply.
Life Savings Insurance if the life insurance cover provided to Ballinlough Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions. It is calculated on member’s savings at different age levels up to a maximum insurance of €7,700.
Member’s savings at age 55 are increased by 100%, savings made between the ages of 55 to 60 are increased by 75%, between 60 and 65 by 50% and between 65 and 70 by 25%. This is assuming that the member does not withdraw any savings after reaching the age of 55.
Where a member withdraws savings after the age of 55 the lowest balance in his/her account is used in determining the amount of insurance payable.
Terms and conditions apply.
Death Benefit Insurance is a death benefit grant of €1,300 or €2,600 in the case of accidental death and is intended to help with defraying funeral expenses. Members who join the Credit Union before reaching the age of seventy are covered for this insurance.
*Terms and conditions apply.
Nomination:
A member may nominate a person or persons to become entitled to his/her shares with the Credit Union in the event of the member’s death. It is important to note that if a member marries subsequent to making a nomination, that nomination is revoked and it is necessary to complete a new nomination form. The maximum Ballinlough Credit Union is allowed to pay out to a nominee is €23,000 and any amount in excess of this will need to go to probate.
Terms and conditions apply.