Ballincollig Credit Union offers all eligible members (Terms and Conditions apply) insurance services. These insurance services are paid for directly by the credit union which includes the following:
- Loan Protection
- Life Savings Insurance
- Death Benefit Insurance
Loan Protection Insurance
One of the attractions of a loan with the Ballincollig Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.
What is Loan Protection Insurance?
In Ballincollig Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can 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 loan repayments for this service.
Loan Protection Insurance is payable 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
- The cover extends 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 will be paid
- The total and permanent disability must be medically determined
- The total and permanent disability must commence before the 60th birthday
Life Savings Insurance Cover
Life Savings Insurance is the life insurance cover provided to Ballincollig 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 and subject to the current maximum insurable savings amount of €3,300.
The amount of insurance benefit to which a member is entitled uses the member’s savings balance on the date of death for deaths occurring up to the age of 70. For death, after 70 the benefit is based on the lowest savings balance from age 70 to date of death.
Once a member is over 55 years of age, each €1 you saved to with the credit union provides the following insurance benefit:
• €1 saved between 55 – 59 years of age provides 75c insurance benefit.
• €1 saved between 60 – 64 years of age provides 50c insurance benefit.
• €1 saved between 65 – 69 years of age provides 25c insurance benefit.
• No insurance is payable on amounts saved after your 70th birthday.
Once earned, your insurance remains in force as long as the member leaves the savings in the credit union. Withdrawals may affect the amount payable.
Some credit unions extend 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.
Death Benefit Insurance
Introduced in 1995, the main purpose of this insurance is to provide basic life cover to credit union members at an affordable price. The cover is offered as a rider (or endorsement) to the Life Savings insurance policy. Death Benefit Insurance is underwritten on a not-for-profit basis by the credit unions’ own insurance company, ECCU Assurance DAC.
DBI is an additional credit union service designed to lighten the financial burden of bereavement. It provides eligible members with access to a benefit/payment through the credit union’s own insurance policy. During your membership of the credit union, it can give you and your loved ones added peace of mind and reduces certain worries about the future.
Ballincollig Credit Union offers this cover as part of the insurance provided.
What are the benefits?
The current amount of insurance benefit offered is €1,950. The DBI service is available to eligible members of Ballincollig Credit Unions.
The following eligibility criteria apply:
- You need to be in good health or able to actively and regularly perform your normal occupation or duties when or after joining the credit union,
- You need to have joined the credit union before the age of 70,
- You need to remain a member of your credit union and have maintained the minimum share balance required under the credit union’s eligibility requirements,
- You need to be over 16 years of age. Please note persons under the age of 16 may also avail of DBI but you should check with your credit union.
- A minimum balance of €200 must be present in the account at the Date of Death to benefit from DBI.
Once you are eligible to participate in the credit union’s policy when you join your credit union you will continue to be eligible for the benefit even if your health deteriorates, as long as the credit union decides to keep the insurance policy in place and you maintain the minimum share balance required by your credit union for participation.
Cover is subject to terms and conditions and you should check with your credit union for further details.
Accidental Death
DBI also covers accidental deaths. In these circumstances where eligible, the DBI benefit amount ordinarily payable is doubled.
