Life Savings Insurance
Savings Benefits
The amount paid out in the event of an eligible member’s death will be dependent on their savings history with the credit union over the years.
Subject to a maximum benefit of €5,000, set by People First credit union, every €1 you save before the age of 55 provides €1 of insurance. So, if you an eligible member aged 54 with €2,000 saved in the credit union passes away, an insurance benefit of €2,000 will be paid out on your death. This is subject to the eligibility terms and conditions and the credit union’s life savings cover limit as stated above.
Once a member is over 55 years of age, each €1 you saved with the credit union provides the following insurance benefit:
- €1 saved between 55 - 59 years of age provides 75c insurance benefit.
- €1 saved between 60 - 64 years of age provides 50c insurance benefit.
- €1 saved between 65 - 69 years of age provides 25c insurance benefit.
- No insurance is payable on amounts saved after your 70th birthday.
Once earned, your insurance remains in force as long as the member leaves the savings in the credit union. Withdrawals may affect the amount payable.
Eligibility
Your savings are eligible for insurance cover if they were lodged:
- before your 70th birthday,
- when you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health, and
- further terms and conditions can apply.
Membership has many benefits...
Flexible & Convenient Loans
Members can take out flexible loans immediately after joining, and repay at tailor-made schedules. Subject to criteria, all of our loans are fully insured (for free), against disability or death.
Modern Banking
Our members have the option of registering for online banking, allowing you to transfer funds, pay bills, apply for our services and much more.
Quality Service from local staff with No Fees
You can be assured of a professional service from Credit Union at all times. Our phone lines are open Monday to Saturday for your convenience. You do not pay a transaction fee for saving with us, or borrowing money.
Automated transactions
As well as transacting at the counter, members can pay in to their account by direct debit, standing order and credit transfer or by making a debit card payment through online banking.
If you are unsure about your documentation, or still have other questions, we will be happy to answer any questions you may have.
