Insurance

The credit union offers a variety of insurance cover to their members, to ensure that their finances are covered.  These are the different types of insurance cover offered by Credit Union.

Death Benefit Insurance

In addition to Life Savings Insurance and Loan Protection Insurance cover, Dromore Credit Union also provides Death Benefit Insurance for all eligible members.  The cost of this insurance is just £6.59 per year for adults. This is taken from member’s dividend if  there is sufficient funds or the member can pay at the office up until 31st Dec. of the current year.  In the event of the death of a member, a payment of an additional £1000.00 is made to the family of the deceased member to help to defray funeral expenses.

To be eligible for this insurance, a member must have joined the credit union before the age of 70 and must have been eligible for Life Savings Insurance. 

stock-footage-business-partners-handshake-after-signing-new-contract-camera-stabilizer-shotLife Savings Insurance

The credit union provides Life Savings Insurance cover on the savings of eligible members.  The amount of insurance benefit depends on the amount of savings held in the credit union at the time of death and the member’s age at the time of lodgement.

The credit union provides Life Savings Insurance cover on the savings of eligible members.  The amount of insurance benefit depends on the amount of savings held in the credit union at the time of death and the member’s age at the time of lodgement.

 

 

(1)  Share balance on 55th birthday or lowest thereafter – 100% insurance bonus

(2)  Share balance on 60th  birthday or lowest thereafter      – 75% insurance bonus  (2) – (1)

(3)  Share balance on 65th birthday or lowest thereafter       – 50% insurance bonus  (3) – (2)

(4)  Share balance on 70th birthday or lowest thereafter       – 25% insurance bonus   (4) – (3)

No insurance is payable on amounts saved after 70th birthday

Withdrawals from shares can reduce total insurance amount

A member is eligible for Life Savings Insurance cover if they have joined the credit union before the age of 70 years and are actively at work or in good health at the time of lodgements.  In certain circumstances a Declaration of Health form may be required.

The premium for this insurance is paid by the credit union and there is no extra cost to the member.