Insurance Key Information
Insurance Key Information
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.
Death Benefit Plus
Features of Death Benefit Plus
- Provides a Lump Sum on your death: You choose the cover amount to suit your needs, ranging from €3,000 up to €15,000.
- Guaranteed Cover: You’re guaranteed to be accepted for cover if you’re resident an living in the Republic of Ireland and aged at least 18 and under 80.
- No Medicals: There is no need to complete a lengthy medical questionnaire or attend for a medical examination.
- Affordable, Fixed Premiums: Premiums start as low as €10* a month and remain fixed for a duration of the policy.
- Policy Duration: This policy is intended to protect you for the rest of your life, and you will need to pay premiums until your 85th birthday or for a maximum of 30 years, whichever comes first. Following this, you remain covered for the rest of your life.
- Double Benefit on Accidental Death: The benefit payable will be doubled if you die as a result of a travel accident**.
- Excellent Protected Benefit Feature: Normally, if you stop paying an insurance policy early you lose all cover. With a Death Benefit Plus policy, once you have paid at least 5 years premiums, we will keep a proportional benefit for you that can be claimed on your death.
- Full Cover after 2 years: For the first 2 years of your policy, you are only covered if you die as a result of a travel accident**. After 2 years, assuming premiums continue to be paid, the full cover benefits under the policy apply.
Get a quote today!
Get a quote and buy a policy online at www.dbplus.ie or LoCall 0818 29 39 49
*Based on a 46-year-old with €3,000 cover paying a monthly premium of €10 (including 1% Government levy). Total premiums paid over the premium payment term may exceed the death benefit.
**Accidental death is defined in the policy conditions booklet available at www.dbplus.ie. Acceptable criteria, terms and conditions apply. Gurranabraher Credit Union is regulated by the Central Bank of Ireland and is acting solely as an introducer of ECCU assurance DAC, the underwriter.
ECCU Assurance DAC is regulated by the Central Bank of Ireland.
Loan Protection Insurance
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 €10,000. 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.
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.
Life Savings Insurance
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.
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.
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 |
Member Discounts: Car & Home Insurance
AXA have deals on car and home insurance for Gurranabraher Credit Union members. With our 24/7 Emergency Home Assistance and claims helpline, we’re always here to help.
If you are looking for a Car or Home quote, complete AXA’s call back request form now and AXA will contact you for a quote. Click the link for details: https://www.axa.ie/promotions/cu/ or please call AXA on 0818 336 339 -remember to mention your credit union scheme code 716.
Our local branch details, AXA Insurance DAC, 52 South Mall, Cork, email axa.cork@axa.ie Remember to mention Gurranabraher Credit Union scheme code 716.
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.
Latest News
Check out what’s new at Gurranabraher Credit Union
Cyber Security Awareness
As part of our ongoing campaign to raise awareness of the various risks faced by our members, please do exercise vigilance in relation to ‘phishing’
Junior Savers Week
At Gurranabraher Credit Union we are looking forward to celebrating Junior Savers Week between 23rd – 29th of September 2024. The aim of Junior Savers
Member Satisfaction Survey 2024
Calling all members – we want to hear from you! We are always looking for ways to improve our services, and your input plays a
Be Fraud Aware! Debit Card Travel Safety
As holiday season begins, we wanted to share with you, our members, some of the top tips for keeping your debit card safe when travelling