Life Savings Insurance is another free benefit, an additional incentive to save with the Credit Union. This insurance payment is separate to both the Loan Protection Insurance and the Death Benefit Insurance.
On death, a member’s shares are paid to the Nominee. Life Savings Insurance may also be payable, depending on the age at which the shares were lodged.
For every euro you lodge to shares before age 70, you become entitled to extra insurance. This assumes that you are actively at work, or if not working, in good health. The maximum amount of Life Savings Insurance is €20,000.
The following table shows how your insurance builds up:
|Shares Accumulated||Insurance Cover|
|Under 16||25%, i.e. 25c for every euro saved|
|Age Under 55||100%, i.e. €1 for every €1 saved|
|55 – 60||75%, i.e. 75c for every euro saved|
|60 – 65||50%, i.e. 50c for every euro saved|
|65 – 70||25%, i.e. 25c for every euro saved|
|Age Over 70||0%|
Members can be assured that savings at the Credit Union are secure.
All officials, whether they are volunteers or staff, must be fidelity bonded.
An independent Supervisory Committee is elected at the Annual General Meeting to act as an internal auditor and also to ensure that the Board of Directors comply with the Credit Union Act, 1997 at all times.
An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts.
The Credit Union participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This protects savings, within certain limits.