Life Savings Insurance

What is Life Savings Insurance?

Life savings insurance is the life insurance cover a credit union provides for its eligible members (free of charge) as an additional incentive for them to save regularly in the credit union. 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 only payable on the death of a member (some terms and conditions apply). Enfield Credit Union has opted to insure its members savings up to a maximum of €5000.

How does life savings insurance work?

The amount of insurance benefit, which a member is entitled to, is in direct proportion to their savings and their age at the time the money is lodged. At Enfield Credit Union every €1 you save gains additional insurance see below for examples of insurance gained during the relevant age profiles.

How much insurance is provided?

Subject to a maximum benefit set by the Credit Union, every €1 saved before the age of 55 provides €1 of insurance.

For savers over age 55:

• €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 provided that when they begin saving they are under the age of 70.

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