Loan Protection Insurance
Loan Protection Insurance is the insurance cover Kildare Credit Union provides on the lives of its borrowing members. This insurance is provided by the credit union at no direct cost to the members.
Should an insured borrower die, the insurance cover will repay the loan in full. In most cases, once the member has completed the declaration on the loan application form in good faith, the loan balance is paid in full by the insurance when they die. For larger loans, a medical declaration or a full medical report may be required in order for the loan to be insured.
You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit union's policy. Loans with Kildare Credit Union are covered up until the member's 85th birthday.
Life Savings Insurance
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and depends on the member's age at date of lodgement. Kildare Credit Union provides this insurance at no direct cost to the members.
Subject to a maximum benefit set by the 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 coverage 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
What are the benefits?
Depending on your age and how much you have saved with your credit union over the years, Life Savings insurance could provide your dependents with up to €12,700 on your death.