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. The maximum limit covered for Life Savings Insurance in this Credit Union is €7,700. Once over the age of 55 each €1 saved with the credit union provides the following benefit:
- €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 leaves 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, Life Savings Insurance could provide their dependents with up to €7,700 on their death.
Death Benefit Grant
A death benefit grant of €1500 payable to the nominated person of the deceased member providing a balance of €500 remains in the account at time of death.
Loan Protection Insurance
Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.
One of the ways TUI credit union aims to reduce its members’ financial worries is through the provision of FREE Loan Protection Insurance on eligible loans.
If a member who is eligible for insurance cover and has signed the credit agreement dies with a loan outstanding, the loan balance is paid in full by the insurer.
You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit union’s policy. Under the basic policy, death cover ceases on the member’s 70th birthday. Our credit union has extended this age limit to the member’s 85th birthday.