Life Savings Insurance

One of the great benefits of credit union membership is the insurance provided on savings and loans. This insurance is paid by the credit union out of its operating surplus and carries no direct cost to the member.

Upon the death of a member his/her savings balance is increased (within certain limits and with certain conditions) and the any outstanding loan balance is cleared so the family are not responsible for the debt.

Life savings insurance in the credit union is the life insurance cover a credit union provides for its eligible members (free of charge) as an additional incentive for them to save regularly in the credit union (some terms and conditions apply.

The maximum insurance cover is €12,700.00

Members should also note that Cuchullain Credit Union has an additional insurance cover in place that will double the above benefit if death has resulted from an accident.

Loan Protection Insurance

Cuchullain Credit Union covers all loans for all members up until their 85th birthday. (Certain terms & conditions apply). This means that covered loans will be paid by the insurer in the event of the un-timely death of a member.

Disability that is of such seriousness that a member is permanently incapacitated and that is certified by medical professionals (Consultant) is also covered by the credit union and this insurance will clear any loan balance still owed up to a maximum of €40,000.00. This Disability Cover ceases at age 60.

All of these insurance benefits come at no direct cost to the member and are paid for by the credit union.