Insurance

Termonmaguirk Credit Union provides members - Life Savings, Loan Protection and Death Benefit Insurance Cover (at no cost to the member) – giving you added peace of mind when saving and borrowing with us.

Life Savings Insurance
Termonmaguirk Credit Union, like other Credit Unions affiliated to the Irish League of Credit Unions, offer its Members this unique product, at no cost to the Member. This cover is paid as an operational expense to the credit union.

Every pound that you save, up to the age of 55, is doubled in the event of your death (provided that you do not withdraw your savings). This applies to a maximum savings value of £15,000 and is payable to the person you have named on your nomination form.

Savings made between the ages of 55 and 70 still receive an insurance premium, but the amount that is applied reduces as the Member gets older.

Savings lodged on or after the member’s 70th birthday is not covered by insurance.

 Every £1 saved before the age of 55 Provides £1 of insurance 
 Every £1 saved between the age of 55- 59 Provides 75p of insurance 
 Every £1 saved between the age of 60 - 64 Provides 50p of insurance
 Every £1 saved between the age of 65- 69  Provides 25p of insurance

Example:

Age  Insurance  Total 
£1000 saved under  55 +£1000  +£2000 
£1000 saved between 55-19 +£750 +£1750
£1000 saved between 60-64 +500 +£1500 
£1000 saved between 65-70  +250  +£1250 
TOTAL £2500 £6500

N.B. ANY SHARE WITHDRAWALS MADE AFTER THE AGE OF 55 WILL AFFECT YOUR LIFE SAVINGS 

Loan Protection Insurance

Loan Protection Insurance is the cover provided by Termonmaguirk Credit Union on loans held by eligible members. This insurance is paid by the credit union as an operational expense. If a member has an outstanding loan balance when they die, the balance is repaid in full. Subject to terms and conditions, eligibility and certain cover limits apply.

Eligibility
A member is eligible when borrowing if:

  • They have not reached their 85th birthday.
  • The borrower can confirm they can actively and regularly perform all the usual duties of their occupation. Further terms and conditions can apply. For larger loans – a medical questionnaire may be required.

Death Benefit Insurance

Bereavement can result in significant expenses and financial worries for loved ones. To help with relieving this financial burden, Termonmaguirk Credit Union provides Death Benefit Insurance cover for all its eligible members (Terms and conditions apply). This cover is paid as an operational expense to the credit union. This cover pays a lump sum payment of £1,500 in the event of death.

Eligibility

  • Joined the credit union before age 70.
  • Remained a member of the credit union.
  • Are eligible for cover under the Life Savings Insurance.

Children under the age of 16 also avail of this insurance.

 

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