Life Savings Insurance
Life Savings Insurance is an insurance benefit offered by Boyle Credit Union Ltd to members depending on your age and the amount that you have saved with the credit union. The Life Savings Insurance premium is paid by the credit union, this service is provided FREE OF CHARGE to our members. Life Savings Insurance could provide your dependants with the following:
In your share account every €1 you save:
| Age | Cover |
|---|---|
| Before 55 | Provides €1 of insurance |
| 56-59 | Provides 75c of insurance |
| 60-64 | Provides 50c of insurance |
| 65-70 | Provides 25c of insurance |
| 70+ | No Insurance cover for sums lodged after age 70 |
Example
You are 52 years of age with €2500 saved in your account. Should you die at this age than an insurance benefit of €2500 will be added to your savings. Consequently, your nominated beneficiary would receive €5000. The maximum insurance benefit currently payable under the terms of Boyle Credit Union’s policy is €7,700
Once earned, the insurance cover remains in force as long as you leave your savings in the credit union.
NB Withdrawals will affect your insurance coverage.
A member is eligible for the insurance coverage provided by Boyle Credit Union if when they begin saving they are:
” Under the age of 70
” Actively at work, or if not working, in good health.
Loan Protection Insurance
Loan Protection Insurance is the insurance cover that Boyle Credit Union provides FREE OF CHARGE to its borrowing members.
Under most contracts, should an insured borrower die or become totally and permanently disabled from any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the Credit Agreement dies with a loan outstanding, THE LOAN BALANCE IS PAID IN FULL BY THE INSURER.
Members can borrow from Boyle Credit Union in the full confidence that their dependents WILL NOT BE OBLIGED TO REPAY THEIR OUTSTANDING LOAN BALANCE.
Under the terms and conditions of Loan Protection Insurance, some members may be outside the automatic coverage limits. In such cases, members will be advised of this prior to borrowing and in most such cases the credit union can still arrange insurance coverage for members free of charge.