Free Life Savings Insurance
Life Savings Insurance is the Life Assurance cover Buncrana Credit Union provides for its eligible members (free of charge). The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and benefits are payable only on the death of a member (some terms and conditions apply).
Savings Cover Limit
All Buncrana Credit Union’s member shares are insured up to a maximum of €10,200.
Table of Benefits
| Age Limits | % of savings covered |
|
| Up to age 55 | 100% insured on balance or lowest balance thereafter | i.e. you will receive an extra 100% of your savings in your account up to a maximum of €10,200 |
| Age 55-60 | 75% insured on balance or lowest balance thereafter | i.e. you will receive an extra 75% of your savings in your account up to a maximum of €10,200 |
| Age 60-65 | 50% insured on balance or lowest balance thereafter | i.e. you will receive an extra 50% of your savings in your account up to a maximum of €10,200 |
| Age 65-70 | 25% insured on balance or lowest balance thereafter | i.e. you will receive an extra 25% of your savings in your account up to a maximum of €10,200 |
Effect of Withdrawals
- Withdrawals have a negative impact on Life Saving Insurance as the claim is based on lowest share balance after the age of 55.
- Amounts lodged after age 70 are not insured however withdrawals can affect benefits due.
