Insurance - Holywood Credit Union
Life Savings Insurance
The credit union provides Life Savings Insurance cover on the savings of eligible members. The amount of insurance benefit depends on the amount of savings held in the credit union at the time of death and the member’s age at the time of lodgement.
- Savings lodged before age 55 years – 100% insurance bonus
- Savings lodged 55 – 59 years of age – 75% insurance bonus
- Savings lodged 60 – 64 years of age – 50% insurance bonus
- Savings lodged 65 – 70 years of age – 25% insurance bonus
- No insurance is payable on amounts saved after 70th birthday
- Withdrawals after 70 can reduce total insurance amount
A member is eligible for Life Savings Insurance cover if they have joined the credit union before the age of 70 years and are actively at work or in good health at the time of lodgements. In certain circumstances a Declaration of Health form may be required.
The premium for this insurance is paid by the credit union and there is no extra cost to the member.
Death Benefit Insurance
In addition to Life Savings Insurance and Loan Protection Insurance cover, Holywood Credit Union also provides Death Benefit Insurance for all eligible members. The cost of this insurance is just £9.30 per year for adults. In the event of the death of a member, a payment of an additional £1500.00 is made to the family of the deceased member to help to defray funeral expenses.
To be eligible for this insurance, a member must have joined the credit union before the age of 70 and must have been eligible for Life Savings Insurance.
The credit union also provides at no extra cost Loan Protection Insurance cover for eligible members. To be eligible for this insurance, a member must be actively at work or in good health on the date the loan is granted. Again a Declaration of Health form may be required. Loan Protection Insurance cover ceases at age 85.