Credit Union Insurance Benefits
Life Savings Insurance
Life Savings Insurance is the life insurance cover TUI Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the member’s age at date of lodgement.
Subject to a maximum benefit set by the Credit Union, every €1 saved before the age of 55 provides €1 of insurance coverage. The maximum limit covered for Life Savings Insurance in this Credit Union is €7,700. Once over the age of 55, every €1 saved with the credit union provides the following benefits:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €0.25 insurance
No insurance is payable on amounts saved after the member's 70th birthday.
Once earned, the insurance remains in force as long as the member keeps their savings in the credit union. It is important to remember withdrawals may affect the amount payable.
A member is eligible for the insurance cover carried by the Credit Union if, when they begin saving, they are: Under the age of 70 and actively at work, or if not working, in good health.
Depending on the member’s age and how much they have saved with the Credit Union over the years.
Death Benefit Grant
A death benefit grant of €1,500 is payable towards funeral expenses on the death of a member, provided that a balance of at least €500 remains in the account at the time of death.
Loan Protection Insurance
Loan Protection Insurance is the coverage provided by the Credit Union on the lives of its borrowing members.
TUI Credit Union aims to alleviate its members' financial concerns by offering FREE Loan Protection Insurance on eligible loans.
If an eligible member, who has signed the credit agreement and is covered by insurance, passes away with an outstanding loan, the insurer pays the loan balance in full.
During the loan application process, you will be informed if your loan exceeds the amount covered by the credit union’s policy. The basic policy ceases death cover on the member’s 70th birthday. However, our credit union has extended this age limit to the member’s 85th birthday.