1. What is Life Savings Insurance?
Life Savings Insurance is a life insurance cover BCU provides to all eligible members. Your chosen nominee will receive a financial sum on your death. The amount received will depend on when you joined, your age and how much you have saved in BCU over the years.
2. Is there a charge for this insurance?
Life Savings Insurance is paid for by BCU. There is no direct cost to the Member.
3. How does it work?
The insurance benefit payable is in proportion to the amount of savings that a Member has accumulated during the term of their membership. The benefit is also dependent on the Member’s age at the date lodgements are made to your share account. This is subject to a maximum benefit of €7,700. Any funds lodged after your 70th birthday will not qualify for insurance.
4. Can I withdraw my funds?
BCU offers instant access to your funds. Withdrawing funds may affect the amount payable. If you have any queries in relation to this you should speak to a member of staff.
5. Am I eligible?
Members are entitled to Life Savings Insurance cover provided they:
- join before the age of 70,
- are actively at work, or if not working, are in good health at time of joining and
- have a minimum balance of €100 in their Share Account.
6. Are joint accounts insured?
Yes. Both parties to a joint account are insured, subject to eligibility.