Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled to in proportion to the amount of savings the member has and depends on the member’s age at the date of lodgement.
Subject to a maximum benefit set by your Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €0.25 insurance
No insurance is payable on amounts saved after your 70th Birthday.
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
- Under the age of 70
- Actively at work, or if not working, in good health
Depending on your age and how much you have saved with your credit union over the years, Life Savings insurance could provide you dependants with up to €7,700 on your death.
For more information on Life Savings Insurance, please contact Bruff Credit Union 061 382111.
Notice of Introduction of €5000 Life Savings Insurance Limit
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.