Loan Protection Insurance, Life Savings Insurance, Death Benefit Insurance
Whether you are looking for car, home or travel insurance, we’ve got the most competitive rates around. Get insurance with someone you can trust. One of the great benefits of credit union membership is the free insurance provided on savings and loans and members frequently ask about it.
Loan Protection Insurance
Loan Protection Insurance is the insurance cover Monasterevan Credit Union provides on the lives of its borrowing members. This insurance is provided by the credit union at no direct cost to the members.
Should an insured borrower die, the insurance cover will repay the loan in full. In most cases, once the member has completed the declaration on the loan application form in good faith, the loan balance is paid in full by the insurance when they die. For larger loans, a medical declaration or a full medical report may be required in order for the loan to be insured.
You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit union's policy. Under the basic policy, death cover ceases on the members 70th birthday. Monasterevan Credit Union have taken up the option of extending this age limit up to the members 85th birthday (Terms and Conditions apply).
Life Savings Insurance
Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the mount of savings the member has, and depends on the members age at date of lodgment (Terms and Conditions apply).
Subject to a maximum benefit set by the Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €0.25 insurance
No insurance is payable on amounts saved after your 70th Birthday.
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:
- Under the age of 70
- Actively at work, or if not working, in good health
Death Benefit Insurance
All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of €1,300 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.
Nobody enjoys talking or even thinking about their own mortality. However, the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased from €250 to over €3000. Death Benefit Insurance won't ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday (Terms and Conditions Apply)
Terms & Conditions
All eligible members of the Credit Union can apply for FREE insurance cover under our Death Benefit Insurance Policy. This means that in the event of your death, a lump sum of €1,300 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.
To qualify for Death Benefit Insurance you must be a member of Monasterevan Credit Union and must have been in good health and joined the credit union before your 70th birthday.