Loan Protection, Life Saving & Death Benefit Insurance
Loan Protection Insurance
The outstanding loan balances of eligible members are automatically insured at no direct cost to the member on their death.
Members can take out a credit union loan in the full confidence that their dependents will not have to repay the loan on death or total and permanent disability (subject to terms and conditions).
Cobh Credit Union covers loans for members until they reach their 85th birthday. Joint accounts are also covered for the second named member. Both members must sign the credit agreement. Both members must complete and sign a separate ECCU Declaration form (new) when appropriate.
All insurance policies are subject to terms and conditions.
Loan Protection Insurance repays the loan balance of the loan in the event of a member’s death. The cover is available for those in good health or carrying out normal duties at the time the loan is granted. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan on death.
Life Saving Insurance
Life Savings Insurance is the life insurance coverage provided to Cobh Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly.
Life Savings Insurance is payable on the death of the eligible member, subject to terms and conditions.
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.
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.
Death Benefit Insurance
Death Benefit Insurance is an additional Credit Union Service designed to lighten the financial burden of bereavement.
It provides eligible Members access to a benefit through the Credit Unions own Insurance Policy.
The amount of DBI In Cobh Credit union is €3250.00 T & C’s apply
- You will need to have joined the Credit union before the age of 70.
- You will need to remain a member of your Credit Union and have maintained the minimum share balance of €500 that is required under the Credit Unions eligibility requirements
- Your account must remain active (inactivity occurs after 3 years)
- Adult members only covered.