Life Savings Insurance- St Dominic Credit Union provides Life Insurance cover on the savings of all eligible members. The maximum benefit is €5,000 and the scale of cover is as follows:-
- Savings made before 55th birthday 100% cover
- Savings made between 55th and 60th birthday 75% cover
- Savings made between 60th and 65th birthday 50% cover
- Savings made between 65th and 70th birthday 25% cover
Any savings lodged after 70th birthday has no insurance cover, but savings lodged before 70th birthday will carry the above cover percentages, provided that savings are not withdrawn. The insurance claim is processed after the death of the member. The insurance company providing this valuable service is owned by the Credit Union Movement in Ireland.
For eligibility and full terms and conditions contact our credit union.
Death Benefit Insurance is an optional insurance for members of our credit union. It is designed to lighten the financial burden of bereavement.All members who join the credit union before their 70th birthday is eligible for Death Benefit of €3,250. In the case of accidental death the benefit is doubled to €6,500. Also members who hold a joint account have the option to pay the annual premium for each member and have both members covered separately from the other.
Members subscribe annually out of their dividend towards the cost of this cover (Under 18’s free). If a member’s savings does not generate sufficient dividend for this automatic deduction, they must make the annual fee payment of €36.44. It is in each members own interest to ensure they are covered.