Insurance Cover
Saving and borrowing with Newry Credit Union can provide additional benefits in the form of insurance cover. We have three main types of insurance cover that eligible members can avail of:
- Life Savings Insurance
- Loan Protection Insurance
- Death Benefit Insurance
Life Savings Insurance
Newry Credit Union provides Life Savings Insurance Cover on the savings of eligible members. The amount of insurance benefit depends on the amount of savings held in the Credit Union at the time of death and the member’s age at the time of lodgement. Withdrawing savings that have insurance built up will affect insurance claims. The amount of insurance payable will be calculated on the lowest share balance held in the account from age 55 until death.
A member is eligible for Life Savings Insurance Cover if they have joined the Credit Union before the age of 70 years and are actively at work or in good health at the time of lodgements. In certain circumstances a Declaration of Health Form may be required. The maximum amount of savings covered by this insurance is £10,000.
Loan Protection Insurance
Newry Credit Union also provides Loan Protection Insurance Cover for eligible members at no extra cost. To be eligible for this insurance, members must be actively at work or in good health on the date the loan is granted. A Declaration of Health Form may be required. Loan Protection Insurance Cover ceases at age 80 and therefore the entire loan balance must be repaid before a member’s 80th birthday.
Death Benefit Insurance (DBI)
Newry Credit Union offers all eligible members Death Benefit Insurance which is underwritten on a “not for profit” basis by the Credit Union’s own insurance company, ECCU Assurance Company Limited.
Death Benefit Insurance is designed to lighten the financial burden of bereavement. The amount of insurance benefit on the member’s death can vary from one Credit Union to another. The benefit offered by Newry Credit Union is £2,000.
You are eligible for Death Benefit Insurance cover provided you:
- Are over 16 years of age
- Joined Newry Credit Union before age 70 years
- Remained a member of the Credit Union
- Have been eligible for cover under the Life Savings Policy
The premium for DBI cover for a single account is £25.06 and £50.12 for a joint account.
If you have at least £400 (£800 for a joint account) in your savings when the DBI is assessed every year, the Credit Union will pay the premium on your behalf. If your savings balance is less than this amount, it is your responsibility to pay the DBI premium annually yourself.
