Insurance

Loan Protection Insurance

Loan Insurance Benefits

Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.

If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death. You can should check with our credit union for full details of cover under their loan protection policy.

Eligibility

When borrowing from Ashbourne First credit union, a member is eligible for cover if:

• they have not reached their 85th birthday
• the borrower can confirm they can actively and regularly perform all the usual duties of their occupation and further terms and conditions can apply. For larger loan amounts a medical questionnaire may be required.

Life Savings Insurance

Savings Benefits

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.

Subject to a maximum benefit of €3,000, set by Ashbourne Credit Union, every €1 you save before the age of 55 provides €1 of insurance. So, if you an eligible member aged 54 with €2,000 saved in the credit union passes away, an insurance benefit of €2,000 will be paid out on your death. This is subject to the eligibility terms and conditions and the credit union’s life savings cover limit as stated above.

Once a member is over 55 years of age, each €1 you saved with the credit union provides the following insurance benefit:

• €1 saved between 55 - 59 years of age provides 75c insurance benefit.
• €1 saved between 60 - 64 years of age provides 50c insurance benefit.
• €1 saved between 65 - 69 years of age provides 25c insurance benefit.
• No insurance is payable on amounts saved after your 70th birthday.

Once earned, your insurance remains in force as long as the member leaves the savings in the credit union. Withdrawals may affect the amount payable.

Eligibility

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, and
• further terms and conditions can apply.