Insurance Products
Loan Protection Insurance
No Extra Charge to Ballinamore Credit Union members
Loan Protection Insurance is the insurance cover the Credit Union has on the lives of its borrowing members.
If a member who is eligible for insurance cover, has signed the Credit Agreement and relevant Health Declarations (if applicable) dies with a loan outstanding, the loan balance is paid in full by the insurer.
You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy.
Under the basic policy, death cover ceases on the members 70th birthday but Ballinamore Credit Union insures members loans up to their 85th birthday.
Life Savings Insurance
No Extra Charge to Ballinamore Credit Union members
Life Savings Insurance is the life insurance cover the Credit Union provides for its eligible members as an additional incentive for them to save regularly.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the members age at date of lodgement.
Subject to a maximum benefit set by your Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:
- €1 saved between ages 55-59 provides 75% insurance
- €1 saved between ages 60-64 provides 50% insurance
- €1 saved between ages 65-69 provides 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 if when they begin saving they are:
- Under the age of 70
- Actively at work, or if not working, in good health
What are the benefits?
It will depend on your age and how much you have saved with the credit union over the years as to how much Life Savings insurance will apply on your account.
Not a Member?
Joining the Credit Union is the best decision you could take for your money. To become a member of Ballinamore Credit Union, you will need to fill in the Membership Application Form online. Once you have completed the form, a member of staff will be in touch with you.
