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 €5,00 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 3 insurance services; Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance.
For further information please contact Gurranabraher Credit Union on 021 4303394 or request a call back.