Free Life Savings Insurance
Life Savings insurance is a life assurance benefit which is based on the amount of savings made and retained during a member’s lifetime. Once earned the cover remains in force, as long as the savings are not withdrawn.
Life Savings Insurance is payable on the death of the eligible member and pays out a benefit in proportion to the amount of savings that the member has made during the term of membership. Rathkeale & District provide this cover to all eligible members at no direct cost to our members.
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
Who is eligible?
- If you are under the age of 70 at the time you join the credit union
- Actively at work, or if not working, in good health
- In the case of joint accounts, the member whose name appears first on the account is covered
What are the benefits?
The benefit is dependent on the member’s age, savings balance at the date on which lodgements are made to the account. The insurance benefit payable will be in proportion to the amount of savings that a member has made during their membership.
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable. The maximum benefit payable is €5000.
Please ask any of our loan officers for full benefits and eligibility criteria. Email us or phone: 069 64444 for more information..