Share Insurance
Share insurance is a life assurance product provided by the Credit Union at no direct cost to the member. The amount paid out in the event of an eligible member’s death will be dependent on their savings history with the credit union over the years. Once earned the insurance remains in force as long as you leave your savings with the credit union. Withdrawals may affect the amount payable. Terms and conditions apply.
The maximum benefit is currently €3,000 (may be subject to change).
| Age of Death | Benefit |
|---|---|
| 0-54 years | 100% of member shares balance (up to a maximum limit of €3,000) on date of death |
| 55-59 years | 75% of member shares balance (up to a maximum limit of €3,000) on date of death |
| 60-64 years | 50% of member shares balance (up to a maximum limit of €3,000) on date of death |
| 65-69 years | 25% of member shares balance (up to a maximum limit of €3,000) on date of death |
No insurance is payable on amounts saved after your 70th birthday
Your savings are eligible for insurance cover if they were lodged:
- before your 70th birthday,
- when you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health
- Please note further terms and conditions can apply.
Loan Insurance
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 85th 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
This is a FREE insurance cover and is only available to members who join us before the age of 70 and maintain the minimum share balance.
On the death of a member, an amount of €1,950 will be paid by Savvi Credit Union to help contribute towards funeral expenses.
Terms and conditions apply and may be subject to change
If you’d like us to talk you through any of these insurances in more detail, get in touch on 01-6325100, at hello@Savvi.ie or visit our FAQs here.
