Bantry Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Bantry Credit Union Limited in respect of eligible members is:
- Loan Protection Insurance
- Life Savings Insurance
- Death Benefit Insurance
The "member pay" services currently available are:
- Repayment Protection Insurance (RPI)
- Travel Insurance
- Private Health Insurance schemes
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One of the attractions of a loan with the Bantry Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.
What is Loan Protection Insurance?
In Bantry Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. It is available for those aged 16-80 years. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.
Loan Protection Insurance is payable subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
- The cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid
- The total and permanent disability must be medically determined
- The total and permanent disability must commence before the 65th birthday
Life Savings Insurance is the life insurance cover provided to Bantry Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement. See below:
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union (cover limited to €12,700). Withdrawals may affect the amount of insurance payable in the event of a claim.
Bantry Credit Union Limited has extended cover to include the “Accidental, Death and Dismemberment” Rider. Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident. Also if the member looses a limb or sight as the result of an accident then a benefit may be paid to member. The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgements are made.
- Members must join before their 70th Birthday
- The basic benefit is €1,950 payable on the death of the Member
- The Death Benefit Insurance is provided at no direct cost to you the Member
- Death Benefit Insurance (DBI) is designed to relieve he burden of bereavement costs
Optional Extra which meets your loan repayment for a specified period of time if you are forced out of work because of:
Only available to employed and self employed
Terms & Conditions apply
Death Benefit Insurance is a free to member insurance whereby Bantry Credit Union makes a contribution of €1,300 towards the funeral expenses of the deceased member.
Bantry Credit Union have decided that as and from the 1st July 2013 members will be required to maintain a minimum savings balance of €300 in order to be eligible for this cover. The death benefit insurance will apply to both names on a joint account without any extra cost to the member.
hould you have any queries, contact us.