Life Savings Insurance
Life Savings Insurance is an insurance provided by Sarsfield Credit Union Ltd., to qualifying members based on their level of savings up to age 70.
The Board of Directors approved a reduction in the maximum amount payable from €5,000 to €1,000 effective for all claims dated on or after the 1st January 2022.
The amount paid out to an eligible member is in direct proportion to the savings and the age of a member.
The Life Savings calculation for savings over the age of 55, are calculated on a decreasing scale up to the members 70th birthday.
Once earned your insurance remains in force as long as you leave your savings in the Credit Union.
Withdrawals from savings may affect the final amount payable.
To be eligible for Life Savings:
- You must have joined Sarsfield Credit Union before the age of 70.
- The borrower is actively at work or able to carry out normal occupational duties.
Loan Protection
Sarsfield Credit Union takes out cover on the lives of eligible members who have loans with us.
Sarsfield Credit Union provide this insurance free of charge.
Loans are automatically covered up to €10,000.
For loans above €10,000, insurance cover is subject to underwriting terms and conditions.
To be eligible for Loan Protection:
- The borrower has not reached their 85th Birthday. (Loan Protection cover ceases on the 85th Birthday)
- The borrower is actively at work or able to carry out normal occupational duties.
Death Benefit Insurance
Death Benefit insurance is an additional Life Assurance benefit payable to the deceased member’s family.
It is intended as a contribution to cover the costs of the deceased member’s funeral expenses.
We do not charge for this cover, it is paid as an operational expense:
You are eligible for Death Benefit Insurance cover of €1,000 provided you:
- Joined the Sarsfield Credit union before the age of 70.
- Remain a member of the Credit union.
- Maintain a minimum share balance of €200 in your account.
See our information page on your Nomination
Further Information
For more information please contact the office on 061 317910 to speak to a member of staff.
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