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
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 €3,000 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. (you can nominate more than one person who you wish to receive your funds by completing a nomination form)
On the death of a member, an amount of €1,950 will be paid to you by Savvi Credit Union to help contribute towards funeral expenses – provided you become a member before your 70th Birthday.
You are eligible for both if:
- You joined the credit union before age 70, while in good health or while actively and regularly carrying out your normal occupation or duties and,
- You continue to be a member of the credit union and maintain the minimum amount of savings in your account as required by the credit union for inclusion.
How is DBI calculated?
- The Death Benefit is a fixed sum of €1,950 subject to eligibility.
- A death certificate and funeral bill is required in order to pay out the fixed sum.
How is Share Insurance calculated?
In the event of a member’s death, all savings of up to €3,000 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 €3,000) will be at a reduced rate. Please note, any share withdrawal below €3,000 after the age of 55 will affect the amount of share insurance payable.