One of the great benefits of being a member of Bruff Credit Union is FREE Life Savings Insurance cover and FREE Loan Protection.
FREE Life Saving Insurance Cover is provided to all eligible members as an additional benefit of membership with Bruff Credit Union. It means your dependents will receive a financial sum in the event of your death.
FREE Loan Protection Insurance means that should a member with an outstanding loan balance pass away, the loan is repaid in full up to the age of 85. This means that you can borrow from us having the peace of mind that your dependents will not be obliged to repay the outstanding loan balance.
As a consequence of increasing costs of providing member insurance benefits, the Board of Directors has taken the difficult decision to reduce the FREE Life Savings Insurance Cover from €7,700 to €5000. This change comes into effect from 1st January 2021 and ensures our ability to maintain this free benefit and the ongoing equitable distribution to all eligible members. The disability insurance will be discontinued from the 1st February 2021. This will not affect the FREE Loan Protection Insurance.
What does the change to the maximum life savings insurance benefit payable mean for me?
The amount of insurance benefit which an insurable member is entitled to is in direct proportion to their savings and their age. This will be calculated at the time a claim is being made. As all eligible members are automatically covered under Bruff Credit Unions policy for the revised maximum €5,000 benefit, you do not have to take any action as a result of this change.
Maximum life savings insurance is €5,000, every eligible member is covered as follows:
|Before age 55||and not withdrawn||provides 100%|
|During age 55 to 59 inc.||and not withdrawn||provides 75%|
|During age 60 to 64 inc.||and not withdrawn||provides 50%|
|During age 65 to 69 inc.||and not withdrawn||provides 25%|
|Over age 70||no cover*|
*Cover continues to be maintained if your savings are not withdrawn between the time bands, provided the gross amount does not exceed €5,000.
Please be assured that Bruff Credit Union is a safe and secure credit union, which has at all times dealt with operational challenges whilst trying to meet the needs of our members.