Life Savings Insurance
Give yourself peace of mind
Life Savings Insurance is a unique service provided by credit unions. It rewards eligible members for saving with their credit union. The life insurance cover is provided to Coalisland Credit Union members as a 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 policy terms and conditions.
When a member first joins their credit union, they will complete a nomination form. This enables a member (over 16 years of age) to nominate someone to receive the property of their account, upon their death. This form can be updated at any time.
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. Any savings lodged must be done when the member was actively at work and regularly performing all the usual duties of their occupation or when they were in good health.
- 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.
- Withdrawals from your savings could see your life cover reduced in the future. Withdrawals of savings after the age of 55, will have an impact in insurance benefits attached to the savings. We would strongly encourage members over 55 wishing to make withdrawals, to speak to a member of staff about our Savings Secured Loan which will ensure their Life Savings remain protected.
To read more about our other free insurances unique to credit union members:
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