Tel: 028 90 322 507 Email: info@clonardcu.com

24 June 2017
Life Savings Insurance

Clonard Credit Union Limited provides free Life Savings Insurance for its eligible members as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings was lodged and not the age on death.

The first £15,000 of eligible members’ savings is insured as follows:

  • Age Savings Insurance Cover
  • Under 55 Every £1.00 provides £1.00 of insurance
  • 55-59 Every £1.00 provides 75p of insurance
  • 60-64 Every £1.00 provides 50p of insurance
  • 65-69 Every £1.00 provides 25p of insurance
  • Shares saved up to 70 years of age while left in the credit union provide cover to any age. Savings lodged on or after 70th birthday are not covered by insurance
  • Below is an example of the insurance that will be paid to a member of Clonard Credit Union in the event of their death provided they do not withdraw any shares:
    • Age / Amount of Shares Insurance Total
    • £100 saved under 55 + £100 + £200
    • £100 saved between 55 – 59 + £75 + £175
    • £100 saved between 60 – 64 + £50 + £150
    • £100 saved between 65 -70 + £25 + £125

Total Payable £650

It is important that each member complete a nomination form indicating who is eligible to receive this insurance.

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Clonard Credit Union Tel: 028 90 322 507 Email: info@clonardcu.com Web: http://www.clonardcu.com
Clonard Credit Union Ltd is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.