Insurance at Monaghan Credit Union
Insurance - Monaghan Credit Union Ltd

Loan Protection Insurance

Monaghan Credit Union provides insurance cover on the lives of eligible members to protect their loans in the event of their death.

Who is eligible?

Any credit union member is eligible for Loan Protection Insurance provided:

You have not reached the age of 85 at the time of your death.

You are actively at work or able to carry out normal occupation duties at the time of your loan application

Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. Cover amounts will be explained at the time of your loan application. All loans, balances up to €10,000 are automatically covered.


Life Savings Insurance 

Life Savings Insurance is a life cover which we provide to all eligible members as an additional incentive to save regularly and maintain savings. The benefit payable is in proportion to the amount of savings a member had made during their membership, prior to age 70. Monaghan Credit Union insures savings of up to €5,000 per member.

Following the death of a member, insurance is added to the account at ages 55, 60, 65 and 70.

Withdrawals during this time will affect the life cover. Insurances on savings ends at age 70.

Who is eligible?

You are eligible for insurance cover if you are under the age of 70 at the time you join the credit union.

The insurance benefit payable will be in proportion to the amount of savings that a member has lodged during their membership.


Death Benefit Insurance (DBI) 

DBI cover of up to €1000 has been introduced by Monaghan Credit Union on 1st January 2024.

This can be used towards undertaker costs and expenses at the time of your death. All eligible members must have €100 in their savings.

AXA Insurance

AXA have great deals on Home and Car Insurance for members of Monaghan Credit Union. As a member of Monaghan Credit Union, you can avail of a discount on your premium from AXA Insurance.  Indicate that you are a member when you are signing up with these providers.

You can find out more information on these schemes when you contact them on 0818 336 339.

If you would like more information please contact us today.

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