Life Savings Protection
Claddagh Credit Union maintains a Life Savings insurance policy, which activates on the death of an eligible member to increase the value of their savings which can be returned to the members estate or family.
There is no charge to members for this insurance cover.
Features of the savings cover are outlined below.
The amounts which are paid out under the policy depends on a number of factors, including:
- Their age when the member joined the credit union.
- Their savings on their 55th birthday and at five yearly intervals up to their 70th birthday.
- The movement on their account following their 55th birthday until date of death.
- Their state of health throughout this period.
- New savings after 70th birthday are not covered.
- Cover is now to a maximum of €3,000.
- Withdrawal of savings at any time after 55th birthday below the maximum level of cover will reduce coverage.
Terms and Conditions apply.
Loan Protection Insurance
Claddagh Credit Union maintains a Loan Protection insurance policy, which activates on the death of an eligible member to repay outstanding loans.
- Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
- If you are an eligible member, this means that you can borrow from your Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.
- There is no charge to members for this insurance cover.
- Insurance cover ceases at the members 85th birthday
Terms and Conditions apply.
