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 €3,000.
- 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.
If you would like to find out more information please don’t hesitate to contact us on 094 9022969, email us at firstname.lastname@example.org or drop in to any of our branches in Achill, Balla, Ballyhaunis or Castlebar.