Kiltimagh credit union offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union. The insurance covers currently provided by the credit union in respect of eligible members are:
Am I Eligible?
Any Credit Union member is eligible for Loan Protection insurance provided that:
- The borrower has not yet reached their 85th Birthday
- The borrower is actively at work or able to carry out occupational duties
- If not working, the borrower must be in good health
- The insurance benefit payable will be in proportion to the amount of savings that a member has made during the term of membership.
- The benefit is also dependent on the member’s age at the date lodgements are made to the account.
- Amounts saved after the 70th birthdays are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday.
- Withdrawals of savings can affect Life Savings cover and any withdrawals are considered as from last in deposits.
|Age||Amount Saved||Savings Insurance Cover|
|0 to 54 yrs||for every €1 saved||You get €1 cover per €1 saved|
|55 to 59 yrs||for every €1 saved||You get €0.75 cover per €1 saved|
|60 to 64 yrs||for every €1 saved||You get €0.50 cover per €1 saved|
|60 to 64 yrs||for every €1 saved||You get €0.25 cover per €1 saved|
This is subject to a maximum of €12,700.