Plassey Credit Union can offer its members various insurance products
Life Savings Insurance is the life insurance cover Plassey Credit Union provides free of charge for its eligible members as an additional incentive for them to save regularly. A member is eligible for the insurance cover if, when they begin saving, they are under the age of 70 years and actively at work or in good health. Depending on your age and how much you have saved with Plassey Credit Union over the years, Life Savings Insurance could provide your dependants with up to €12,700 on your death.
The amount of insurance benefit to which a member is entitled is in proportion to the mount of savings the member has, and depends on the members age at date of lodgement. Subject to the maximum benefit of €12,700 every €1 saved before the age of 55 provides a €1 of insurance. Over the age of 55 each €1 saved provides the following benefits:
- Between ages 55 - 59 provides €0.75 of insurance
- Between ages 60 - 64 provides €0.50 of insurance
- Between ages 65 - 69 provides €0.25 of insurance
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No insurance is payable on amounts saved after your 70th birthday
Once earned your insurance remains in force as long as you leave your savings in the credit union. Withdrawals will affect the amount of insurance payable.
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Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.
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- Aged 18 or over and will not be less than 70 by the end of the policy
- You or your spouse are in full time employment i.e. working 18 hours or more per week
If you are a private employee you can claim:
- Accident
- Sickness
- Redundancy
If you are state or self employed you can claim:
- Accident
- Sickness
- Critical illness
If a member is not working but their spouse is earning the insurance can be attached to cover the spouse's earnings, this is known as the BreadWinner Clause. Therefore if the members earning spouse is unable to work due to any of the insured events, the members loan repayments will be met by the insurance cover.
Certain exclusions apply to this policy where the insurance company will be unable to make payments, for example:
- Pre-existing illness (any condition suffered in the past 12 months)
- Pregnancy related conditions
- Prior knowledge of pending redundancy
- Voluntary redundancy
- Self inflicted injuries
- Dismissal
- Alcohol/Drug related conditions
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