Life Savings assurance is a life assurance cover Mitchelstown Credit Union provides freely to all eligible members as an additional incentive to save regularly and maintain savings in the Credit Union.
What are the benefits of Life Savings Assurance?
A nominee elected by a member will receive a financial sum in the event of your death. The amount you receive depend on your age and how much you have saved in Mitchelstown Credit Union Ltd over the years. Life Savings Insurance is provided by Mitchelstown Credit Union Ltd, there is no direct cost to you.
Am I eligible for Life Savings Assurance?
To be eligible for the savings insurance, a Member must be under the age of 70 and be in good health. Once the member fulfills these conditions, cover is automatic.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement. Maximum benefit of €3,000.00
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.
Some credit unions extend cover to include the “Accidental, Death and Dismemberment” Rider. Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident. Also if the member looses a limb or sight as the result of an accident then a benefit may be paid to member. The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgments are made.