Life Savings Insurance

To be eligible for the Savings Insurance, a Member must:

• Be under the age of 70
• Be actively at work, or if not working, be in good health

Once the Member fulfills these conditions, cover is automatic. It is not necessary for him/her to sign any forms. The actual amount of money payable in insurance benefit will depend on the share balance held at the Member’s date of death (exception after 70 years of age) up to a maximum of €5,000.

The benefit percentage used depends on the Member's age at death, and this is applied to a single share balance. Benefit applied is as follows:

• Before age 55 (100% benefit calculated)
• Before age 60 (75%)
• Before age 65 (50%)
• From age 65 (25%)

For a Member who dies after the age of 70, the 25% benefit is applicable to their shares figure. The shares figure used is the lowest balance from the age of 70 to death.

Death Benefit Insurance

Death Benefit Insurance gives Members and their families added security and relief from financial worry, especially at a time of bereavement. If you have €100 or more in your account at date of death and provided you have joined the Credit Union before your 70th birthday, the person who pays your funeral expenses upon your death is entitled to receive Death Benefit Insurance on your behalf.

Any Member who does not have this pre-determined amount in their savings can still avail of the cover by calling to West-Midlands Credit Union and paying the premium at the counter of any one of our branches to qualify. All Credit Union Members are eligible for this cover if they have joined the Credit Union before the age of 70. The Death Benefit Insurance payment is currently €1,300. One of our staff would be delighted to assist you should you have any questions whatsoever about Death Benefit Insurance.

Loan Protection Insurance

We offer complimentary Loan Protection insurance to members. Loan Protection Insurance is the insurance cover your Credit Union provides on the lives of eligible members with Credit Union loans. Provided you are in good health and engaged in your normal life occupation, your loan may be covered by insurance. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply.

Should you have any queries on any of the above, please contact our office on 0818 246 497 and a Member of staff will be happy to assist.

Life Savings, Death Benefit and Loan Protection Insurances are at the discretion of the board and may be subject to change.