Insurance Key Information
Insurance Key Information
Insurance
Gurranabraher Credit Union offers insurance services to all eligible members. Some of these insurance services are paid for directly by the Credit Union at no direct cost to you. Loan Protection and Life Savings Insurance is provided by the Credit Union at no direct cost to the member. Both Insurances are subject to terms and conditions.
Loan Protection Insurance
Unique to Credit Union
Your loan attracts Loan Protection Insurance, subject to some terms and conditions.
Unlike other financial institutions, this insurance is FREE to you.
While our insurance services do not relieve the emotional stress at this difficult time, they do go some way to relieve the financial stress.
Loan Protection Insurance is designed to clear your loan in the event of death (terms and conditions apply).
You can borrow in confidence knowing that your family will not have to repay any outstanding loan balance (up to certain limits) in the event of your death.
For death All members’ loans (up to age 84) are automatically insured up to €8,000. Loan balances greater than these limits are subject to completing a Member Declaration on the back of the loan application form and/or a Declaration of Health Form. The underwriters have the right to decline or restrict cover for members with serious medical conditions.
ECCU are the underwriters of Loan Protection Insurance. Where the cover is not automatically granted, ECCU reserves the right to request further medical information or request the member to attend for a medical examination. It is important that members accurately complete any requested forms or declarations as any inaccuracies or misstatement of facts will result in a claim being declined.
In the event of Death
To make a claim please provide Gurranabraher Credit union with a copy of the Death Certificate. If a Nomination is in place, monies will be paid out as requested in the Nomination. If a Nomination is not available please provide details of the Solicitor handling the member’s estate and a copy of the Will (if applicable). Please note just one copy of the Death Certificate is required to claim for all insurance services; Life Savings Insurance and Loan Protection Insurance.
Members over 16 years are encouraged to nominate a person(s) to receive their credit union property in the event of their death. The maximum amount you can nominate is €23,000. This means that on your death, your savings will not form part of your estate and can be distributed without delay to the person(s) you have named on your Nomination Form.
As a Nomination overrides a Will, we encourage members to complete a Nomination and keep it up to date.
You can update your Nomination any time at Gurranabraher Credit Union.
Key Points:
Members under 16 years are not eligible to complete a Nomination Form.
A member cannot nominate an Officer of Gurranabraher Credit Union unless that person is a member of the Officer’s family.
The Nomination is valid up to a limit of €23,000. Any amount above €23,000 becomes part of the member’s estate.
The member can at any time change their Nomination by completing a new Nomination Form. Any previous Nomination will automatically be canceled.
A Nomination overrides a Will so it’s important to have one and keep it up to date.
The marriage of a member of Gurranabraher Credit Union cancels any Nomination made by him/her before his/her marriage. This applies even if the same person is to be nominated.
A Nomination shall be canceled by the death of the Nominee before the death of the Nominator.
The form of Nomination must be made at the registered office of Gurranabraher Credit Union during the Nominator’s lifetime.
Once Gurranabraher Credit Union receives satisfactory proof of death of the member, the account and monies will be processed.
To fill in a Nomination Form call into our offices in Gurranabraher, or Knocknaheeny with a Photographic ID.
New – Death Benefit Plus
Death Benefit Plus is a new offering from Irish Credit Unions own Insurance company ECCU.
The death of a loved one would cause a huge upheaval in your life. As well as the loss and the grief, there are the financial implications of covering funeral costs today.
To help, Gurranabraher Credit Union is introducing you to a new funeral insurance service called Death Benefit Plus, which is a whole of life insurance policy that you can buy on-line or over the phone. This insurance is provided by Irish Credit Union’s own Insurance Company ECCU.
DBI Plus is a new funeral insurance service called Death Benefit Plus, which is a whole of life insurance policy that you can buy on-line or over the phone. This Insurance product is provided by Irish Credit Unions own Insurance Company ECCU
You will not be asked any medical questions and are guaranteed to be accepted for cover under this policy provided:
You are resident and living in the Republic of Ireland and,
are aged at least 18 and under 80 years of age and,
you hold an account with an Irish based financial institution (e.g. a Credit Union or Bank) that allows payments by direct debit.
Click on the website link below and it will take you to the Death Benefit Plus website www.dbplus.ie. There you can obtain a quote in a few minutes, by entering your date of birth and choosing a cover amount. You can also buy a policy there on the secure website by simply continuing on the same quote page and completing the online application form at www.dbplus.ie. Alternatively, you can also give the insurer, ECCU Assurance DAC, a call directly at LoCall 0818 29 39 49.
*Acceptance criteria, terms, and conditions apply. Gurranabraher Credit Union is regulated by the Central Bank of Ireland and is acting solely as an introducer to ECCU Assurance DAC, the underwriter. ECCU Assurance DAC is regulated by the Central Bank of Ireland.
Life Savings Insurance
Unique to Credit Unions
Your savings attracts FREE Life Cover!
Unlike other financial institutions, this service is FREE to you.
While our insurance services do not relieve the emotional stress at this difficult time, they do go some way to relieve the financial stress.
Life Savings Insurance is an additional incentive for you to save regularly and maintain saving with Gurranabraher Credit Union.
In the event of your death, in addition to your Shares (Savings), your nominated person(s) will receive an additional lump sum of money from Life Savings Insurance.
The amount insured will depend on your age at date of death and how much you saved with Gurranabraher Credit Union over the years.
The maximum benefit is €5,000. Shares in excess of €5,000 and shares lodged after your 70th birthday do not earn any Life Savings Insurance.
As a guideline
Every €1 you save up to €5,000 with Gurranabraher Credit Union provides the following insurance benefit :
Shares lodged up to your 55th Birthday or lowest balance thereafter €1 per €1 saved
Shared lodged from your 55th to your 60th Birthday or lowest balance thereafter 75c per €1 saved
Shared lodged from your 60th to your 65th Birthday or lowest balance thereafter 50c per €1 saved
Shared lodged from your 65th to your 70th Birthday or lowest balance thereafter 25c per €1 saved
Shares lodged from your 70th Birthday onwards NIL
Withdrawal of Shares will impact on the amount of Life Insurance Cover received. Where possible, we would encourage members aged 55 years and over to borrow on the strength of their savings and not to withdraw from Shares.
To be eligible you must be a Gurranabraher Credit Union member before your 70th Birthday, are actively at work, or if not working, are in good health. Other terms and conditions may apply.
To make a claim please provide Gurranabraher Credit union with a copy of the Death Certificate. If a Nomination is in place, monies will be paid out as requested in the Nomination.
If a Nomination is not available please provide details of the Solicitor handling the member’s estate and a copy of the Will (if applicable).
Please note just one copy of the Death Certificate is required to claim for all insurance services; Life Savings Insurance and Loan Protection Insurance.
For further information please contact Gurranabraher Credit Union on 021 4303394 or request a call back.
Member Discounts on Motor, Home, Travel Insurance
Next time your Home, Motor or Travel Insurance is up for renewal, be sure to get your discounted Credit Union membership quote from our 3 affiliate partners.
Click the tabs below for more information on discounts for insurance with Gurranabraher Credit Union membership.
Great Discounts available to Gurranabraher Credit Union members with AXA Insurance Motor and Home Insurance
Motor Insurance
- Up to 10% EasiPay Discount
- Up to 75% No Claims Discount
- FREE Motor Rescue
- 24 Hour Claims Assistance
- No loss of no claim discount for fire, theft, windscreen or breakdown claims
Home Insurance
- 10% EasiPay Discount (new business)
- €30 off renewals
- 15% discount if your car is also insured with AXA
- Other discounts for careful home owners
24 hour emergency home assistance - Speedy Claims Settlement
To obtain your discount tell them you are a Gurranabraher Credit Union member.
Phone AXA on 021 4271941or visit www.axa.ie
Terms and conditions apply. For your own security and to help AXA improve their service they may record or monitor phone calls. AXA Insurance Limited is regulated by the Central Bank of Ireland. AXA Travel Insurance is authorised by the Central Bank of Ireland as an Insurance Intermediary and is underwritten by Inter Partner Assistance S.A. Brussels.
Great Deals available to Gurranabraher Credit Union members with coveru.ie for Travel Insurance visit coveru.ie or Phone them on 1890 410 410. To obtain your discount tell them you are a Gurranabraher Credit Union member.
Protecting your Assets
It’s usually only in times of adversity or hardship that we realise the importance of protecting those we love – and what we own.
CU Insured can help advise you on the best way you can “keep the show on the road” if something untoward were to happen to you such as serious illness or premature death.There are lots of options and we can provide you with the products that best suit your needs and your budget.
Wealth Management
Low-Interest Rates coupled with low inflation rates have had a huge impact on the ability to secure reasonable rates of return on deposit-type savings. Of course, the financial crisis of 2008 has also affected most investors attitude towards taking a risk. We often hear customers saying: “I want a better return on my investment but I don’t want to take any risks with it”.
Talk to us about how we can help you make informed decisions about how and where to invest your savings. We will tailor a solution to meet your personal needs and ensure we manage things so as our recommendations always remain relevant to your circumstances.
Retirement Planning
It’s very difficult to imagine what retirement is going to look like when you’re more consumed with paying the rent/mortgage at the end of each month and getting the kids through school!
However, it’s never too early to start putting a small amount of money away each month so as to build up a retirement fund that can actually help provide you with some degree of comfort in your Golden Years.
Our Advisors will openly discuss with you what you might need to invest and what it might be worth when you get to retirement. The range of product options available is extensive and there is flexibility in regards to varying your regular contributions in order to reflect whatever stage of life you are at.
To book you appointment with a fully qualified QFA basded in the Bakers Road Office of Gurranabraher Credit Union at click here
Terms and conditions apply to all these Insurance products and any discounts applied. Your Credit Union is not involved in the endorsement, sale, advice, premium collection or claims settlement for any of these products. CUInsured is regulated by the Central Bank of Ireland
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