How does Life Savings Insurance work?

Eligible members can receive Life Savings Insurance cover up to a maximum amount of €5,000 subject to certain terms and conditions.

The amount of insurance benefit payable depends on the amount of savings held and the member’s age. This means that the level of cover can vary, and withdrawals from your savings may reduce the insurance benefit payable.

For example, based on €1000 in eligible savings:

No insurance benefit is payable on savings lodged on or after the member's 70th birthday.

Important things to know

To help ensure your cover remains in place:

• You must have joined Kilcock Credit Union before the age of 70.
• Savings must have been lodged while you were actively at work and regularly performing your usual duties, or while you were in good health if you were not working.
• Withdrawals may reduce the amount of insurance benefit payable.
• If your Credit Union account is closed, Life Savings Insurance cover will no longer apply.
• Savings lodged on or after your 70th birthday will not be included when calculating the insurance benefit.

Insurance remains in place, subject to the terms and conditions, for as long as eligible savings are held with Kilcock Credit Union.

An added benefit for your loved ones

Life Savings Insurance is another way in which Kilcock Credit Union can help provide additional financial reassurance for you and your family.

There is no direct cost to eligible members for this benefit, with the insurance provided through a life insurance policy held by Kilcock Credit Union with ECCU Assurance DAC.

The policy and any benefits payable are subject to the policy being maintained by Kilcock Credit Union, applicable eligibility criteria, maximum cover limits and the full terms and conditions of the insurance policy.

For further information about Life Savings Insurance, eligibility or how the benefit applies to your savings, please contact Kilcock Credit Union.