Death Benefit, Life Savings & Loan Protection Insurance

esccu provides all qualifying members with  Death Benefit Insurance, Loan Protection Insurance and Life Saving Insurances, we automatically insure  all members who have joined before the age of 70.

Death Benefit Grant:

A death benefit grant of €1500 payable to the nominated person of the deceased member providing a balance of €250 remains in the account at time of death.

Life Savings.

Life Savings Insurance is payable on the death of the eligible member subject to policy terms and conditions.

There are four age calculation points that come into effect when calculating the death benefit insurance.

• Age 60
• Age 65
• Age 70

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 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.

The maximum the credit union pays out is €8000.

Example:
At age 55 if a member has €8000 in his shares and leaves a balance of €8000 until death, then the nominated person would get whatever is in the shares plus the maximum €8000.

At age 60 it would be 75% of the maximum.
At age 65 it would be 50% of the maximum.
At age 70 it would be 25% of the maximum

The insurance is calculated on a low balance also – so to qualify for the full benefit the shares should not dip below €8000.

If there is a withdrawal that brings the balance below €8000 after the age of 55 then this would affect the final total of the insurance pay out.

Remember the maximum we pay out is €8000 plus €1500 death benefit grant.

Loan Protection Insurance
In relation to the loans if a loan is taken out in good health before the age of 70 the loan is cleared up to a maximum of €40,000.

From age 70-79 the loan is cleared up to a maximum of €30,000.

After the age of 80 the loan is not covered.