One of the great benefits of being a member of Savvi are the insurances you can avail of for free.
This is a life assurance product provided by the Credit Union at no direct cost to the member - in the event of a member’s death all savings of up to €7,700 are doubled, so long as these savings were made before the member’s 55th birthday and the balance in the account never falls below this amount thereafter.
If this maximum insurable amount is not saved before the member’s 55th birthday, then anything that is saved below this amount will be doubled and anything saved after age 55 (up to the max of €7,700) will be at a reduced rate”.
Please note that as at 1st March 2019 Share Insurance will reduce from a maximum €7,700 to a maximum of €3,000*”
Loan Insurance will clear a member’s loan in the event of death.
To qualify for this insurance, members must be in good health and fit to carry out the daily duties of their occupation, at the date the loan was approved.
Note; Loan Insurance ceases on a member’s 70th birthday-if there is any outstanding loan balance on death, the member’s shares will be used to clear the outstanding loan.
Death Benefit Insurance
On the death of a member, an amount of €3,250 will be paid out to you by Savvi Credit Union to help contribute towards funeral expenses.
Please note that as at 1st March 2019 Death Benefit Insurance will reduce from the set amount of €3,250 to €1,950*”.