Life Savings Insurance

A life savings insurance is payable on the death of an eligible member subject to the policy terms and conditions. The maximum cover limits vary from Credit Union to Credit Union. Comhar Linn INTO Credit Union has a limit of €13,000. The amount payable in the event of death is determined by the members age at the time that deposits are made. The amount of insurance is in proportion to the value of shares a member has at certain ages.

Life Savings Insurance

An example of a Life Savings Insurance claim:

A member joins Comhar Linn INTO aged 54 and lodges €13,000. 
The member continues to save regularly with us. 
The member passes away aged 67.
The member had taken no withdrawals from the account since opening.
The balance in the account on the date of death was €26,520. 
A life savings claim can be submitted for the maximum value of €13,000.
The total funds payable on death will be the life savings benefit of €13,000 plus the members savings of €26,520 giving a total value of €39,520 for the relevant beneficiaries

Life Savings Insurance

Benefits

The value of the insurance relates to your age when depositing the shares according to the following formula:

Shares lodged between 6 months and 54 years old:  €1 per €1 saved

Shares lodged between 55 years and 59 years old: €0.75 per €1 saved

Shares lodged between 60 years and 64 years old: €0.50 per €1 saved

Shares lodged between 65 years and 69 years old: €0.25 per €1 saved

There is no insurance benefit on amounts saved after a member turns 70 years old

Requirements

For a member to qualify for life savings insurance the member must fall into one of the following categories:

  • Working members (including unemployed members capable of working)
  • Homemakers (carrying on the normal activities of a homemaker)
  • Retired members (other than where retirement was due to ill health and member remains unfit for work)

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