How does Life Savings Insurance work?
Life Savings Insurance is calculated based on the value of the shares held in the account and age of member on date of death. Please see table below for examples of maximum benefits paid based on age and shares balance.
| Example Savings Balance | |||||
|---|---|---|---|---|---|
| €13,000 | €10,000 | €6,000 | €1,000 | ||
| Age at Death | Benefit % | Benefit Payable | Benefit Payable | Benefit Payable | Benefit Payable |
| 0-54 | 100% | €13,000 | €10,000 | €6,000 | €1,000 |
| 55-59 | 75% | €9,750 | €7,500 | €4,500 | €750 |
| 60-64 | 50% | €6,500 | €5,000 | €3,000 | €500 |
| 65+ | 25% | €3,250 | €2,500 | €1,500 | €250 |
N.B If a member opts for MDBI, they will receive an additional benefit of €3,250.
The maximum benefit is €13,000. You must have at least €100 in your shares to qualify for any life savings insurance.
East Coast Credit Union’s Life Savings policy currently has a limit of €13,000 - this is the maximum amount for which a member is insured, irrespective of their total savings with us. Where a member is named on more than one account, we will disburse the Life Savings benefit to the accounts of that member on a pro-rata basis, i.e., in proportion to the savings held in each account. Terms and conditions apply. This is subject to change but members will be notified in advance of any changes.
- Life Savings Insurance is only paid out when the first named on the joint account dies. In order, for the second account holder to avail of insurance, they can have a single account in their own name to ensure they can avail of Life Savings Insurance on their death.
- The benefit of a joint account is, on the death of either party, the balance in the account automatically does to the surviving member.
If you have any questions on above, please contact our office on 01 286 2624 or please talk to a staff member for further information.
