Your credit union offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance covers currently provided free of charge by credit unions in respect of eligible members are:
Loan Protection Insurance
Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday.
- Your Credit Union provides extended cover to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit described above will be paid.
- The total and permanent disability must be medically determined.
- The total and permanent disability must commence before the 65th birthday
Life Savings Insurance
Life Savings Insurance is the life insurance cover that your credit union takes out for all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union.
- The amount of insurance benefit which an eligible member is entitled to is in direct proportion to the savings and age of that member.
- Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday.
- Withdrawals of savings may affect the amount payable
- The maximum benefit payable under the policy is €5,000.
- First Choice Credit Union extends cover to include the “Accidental, Death and Dismemberment” Rider. Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident. Also if the member loses a limb or sight as the result of an accident then a benefit may be paid to member. The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgements are made.
Death Benefit Insurance
Death Benefit Insurance is additional Life Assurance benefit designed to lighten the financial burden of bereavement.
The actual amount of insurance benefit offered is €1,000. If you are a member you are eligible for this insurance provided your premium has been paid and you:
- Are over 16 years of age
- Joined the credit union before 70 years of age
- Remained a member of the credit union
- Maintain at least €300 in shares
- Are or have been eligible for cover under the Life Savings Policy
Repayment Protection Insurance (RPI)
Why choose repayment protection insurance?
- Accidents occur, illness can strike you down and in today’s economic climate redundancies are becoming more common and can seriously affect your income.
- As a response to these perils your credit union has designed a valuable product especially for you.
- Repayment Protection Insurance is an optional policy which meets member’s loan repayments in the event that they are forced out of work by Accident, Sickness or Involuntary Unemployment.
- The maximum monthly benefit payable under the policy is your loan repayment or €2,000 whichever is the lesser.
- The benefit is payable up to a maximum of 24 Months for Accident & Sickness benefit or 12 Months for Involuntary unemployment.
- If you are diagnosed with specified Critical Illnesses a payment may be made under the policy.
Ensuring that you have a reliable insurance policy that is specifically tailored to meet your needs is one of the most important decisions you will make in order to protect your family home. Acting as an agent for Allianz Insurance, one of the world’s leading insurers, we have a home insurance package specifically designed for Credit Union members which includes;
- 15% new Business discount
- We will set up the policy in branch
- Free to pay by Direct Debit
- Automatically includes free accidental damage cover to your buildings,
- Includes €2,000 fire brigade cover
- College students valuables such as laptops and sports equipment are covered away from the home ( to certain limits )
- Knowing you are insured with one of the world’s leading and most reputable insurance companies.
First Choice Credit Union can offer you a competitive quote on your home insurance, you can call us on 094-9022969 or drop into any of our three branches in Castlebar, Balla, Achill or Ballyhaunis and one of our staff will be happy to take you step by step through the process.
As a member of First Choice Credit Union you may be eligible for a 10% discount on your car insurance through AXA Insurance. If you are a member of our Credit Union then why not ring 1890 336 339 and see what AXA can do for you today. As a customer of AXA motor insurance you can avail of the following;
- Up to 10% credit union discount (with a €350 own-car damage excess)
- Up to 75 % no claims discount ( if 5 or more years claims free driving, subject to a €327 minimum premium)
- Free Motor Rescue when you buy AXA car insurance
Your Credit Union and AXA, saving you money.
Coveru.ie Holiday Insurance is a website based product. It offers members of First Choice Credit Union Limited greater accessibility, better value and most importantly excellent cover providing peace of mind when travelling abroad.
Coveru.ie holiday Insurance, which is being offered in conjunction with AIG Europe, offers comprehensive worldwide travel insurance, available on an individual, couple, group or family basis. Apart from offering great value, other advantages of coveru.ie holiday insurance include:
- Single Trip, Annual Multi Trip and Extended Stay options available
- Choice of 3 levels of cover to suit all budgets (Budget, Premier & Premier Plus)
- Up to 4 children (under 18 years of age) go FREE on a family policy
- Medical and Emergency Assistance cover when abroad
- Trip cancellation and baggage cover included
- Additional add on options to tailor cover to suit travel needs
- Online quotes for those aged up to 79 years of age and over the phone for those aged 80 and over