Life Savings Insurance

Kilcloon Credit Union offers Life Savings insurance up to a maximum of €5,000* at no direct cost to Members.

Life Savings Insurance

Kilcloon Credit Union offers Life Savings insurance up to a maximum of €5,000* at no direct cost to Members. The benefits of Life Savings insurance means that an eligible Member’s dependents will receive a financial sum, in addition to any savings, in the event of their death. The amount of insurance benefit which an eligible Member is entitled to will be in proportion to the savings and the age of the member - savings withdrawals may impact the level of insurance payable.

The following general terms and conditions apply regarding savings:

Any savings lodged by a member on or after age 70 will not form part of the benefit calculation;
Any withdrawals of savings may reduce any benefit payable;
Any savings lodged must be done when the member was actively at work and regularly performing all the usual duties of their occupation or when they were in good health.

Using €100 saved as an example, the following insurance benefit will apply:

  • Members up to 55 years of age, €100 savings plus €100 insurance benefit;
  • Members between the ages of 55-59 years, €100 savings plus €75 insurance benefit;
  • Members between the ages of 60-64 years, €100 savings plus €50 insurance benefit;
  • Members between the ages of 65-69 years, €100 savings plus €25 insurance benefit.
  • No insurance is payable on amounts saved after the 70th birthday.

Insurance remains in force as set out above for as long as savings are held with Kilcloon Credit Union. Please note:

If an account is closed insurance is no longer payable;
Withdrawals may affect the amount payable.

Life Savings Insurance cover is provided if the Member:

Joins Kilcloon Credit Union before the age of 70 years;
Is actively at work, or if not working, is in good health.

Life Savings Insurance is provided to eligible Members through a group life insurance policy held by Kilcloon Credit Union with ECCU Assurance DAC. The policy of insurance and any benefits payable are subject to the relevant policy being maintained by Kilcloon Credit Union, insurance eligibility criteria, maximum cover limits and terms and conditions of cover. For more information please contact Kilcloon Credit Union.