Unique to Credit Unions
Your savings attracts FREE Life Cover!
Unlike other financial institutions this service is FREE to you.
In 2022, over €1 million in Life Savings, Loan Protection and Death Benefit Insurance claims was paid out to our members.
While our insurance services do not relieve the emotional stress at this difficult time, they do go some way to relieve the financial stress.
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Life Savings Insurance is an additional incentive for you to save regularly and maintain saving with Cara Credit Union.
In the event of your death, in addition to your Shares (Savings), your nominated person(s) will receive an additional lump sum of money from Life Savings Insurance.
The amount insured will depend on your age at date of death and how much you saved with Cara Credit Union over the years.
The maximum benefit you can earn is capped at €3,000 (with effect from 1st February 2019). No insurance is payable on amounts saved after your 70th birthday
The amount paid out in the event of an eligible member’s death will depend on your age at date of death and your savings history with Cara Credit Union over the years.
As a guideline
Every €1 you save with Cara Credit Union provides the following insurance benefit
|Shares lodged up to your 55th Birthday (or lowest balance thereafter)||€1 per €1 saved|
|Shared lodged from your 55th to your 60th Birthday (or lowest balance thereafter)||75c per €1 saved|
|Shared lodged from your 60th to your 65th Birthday (or lowest balance thereafter)||50c per €1 saved|
|Shared lodged from your 65th to your 70th Birthday (or lowest balance thereafter)||25c per €1 saved|
|Shares lodged from your 70th Birthday onwards||NIL|
Withdrawal of Shares will impact on the amount of Life Insurance Cover received. Where possible, we would encourage members aged 55 years and over to borrow on the strength of their savings and not to withdraw from Shares.
To be eligible you must be a Cara Credit Union member before your 70th Birthday, are actively at work, or if not working, are in good health.
Other terms and conditions may apply.
To make a claim please provide Cara Credit union with a copy of the Death Certificate. If a Nomination is in place, monies will be paid out as requested in the Nomination.
If a Nomination is not available please provide details of the Solicitor handling the member’s estate and a copy of the Will (if applicable).
Please note just one copy of the Death Certificate is required to claim for all 3 insurance services; Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance.
For further information please contact Cara Credit Union on 066 712 2373
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