Find out more about Life Savings Insurance

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 your age and your savings balance on the date of death.

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 amount of life assurance benefit to which a member is entitled to depends on the members savings balance on the date of death for deaths occurring up to age 70, and for deaths over 70 the benefit is based on the lowest savings balance from age 70 to date of death. There is no life assurance cover on amounts saved after your 70th birthday. However, the life assurance cover earned on your savings up to your 70th birthday will remain in force as long as you leave your savings in the Credit Union. The current maximum life savings  insurance benefit payable to a member is €3,000. You are eligible for savings insurance cover if your savings were lodged when you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health.

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

6. Are joint accounts insured?

The first named person on a joint account has savings insurance cover, subject to eligibility. The second named person on a joint account is not covered by the savings insurance.

If you would like more information on LIfe Savings Insurance with Bishopstown Credit Union please contact us today.

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