Life Savings Insurance

Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions. Generally the full value of the member's shares is considered for the calculation of cover.

Key Points To Be Aware Of:

• The maximum cover on shares/deposits is €12,700.
• Savings up to the date of the onset of illness will continue to have insurance cover.
• 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 lodgments are made to the account.
• The maximum amount which may be nominated (including insurance) is currently €23,000. Any amount exceeding this sum goes to the estate and, in this regard, Probate or Letters of Administration will be sought.
• Amounts saved after the 70th birthday is 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. Any withdrawal of shares/deposits will be treated on a 'last in - first out' basis in order to provide the member with maximum cover.
• A working member who, due to illness or injury, is not working at the time a lodgment is made to his/her account or a retired member not in good health when a lodgment is made, will not be considered insured for such lodgments until the member resumes work or regains good health, as appropriate.

For further information please call us and we’ll give you as
much help as we can.