LIFE SAVINGS INSURANCE
Monaghan Credit Union will provide upon your death, insurance benefits on your savings subject to qualifying conditions.
- You must be actively at work, or if not working, in good health
- Cover applies only to savings made before your 70th birthday
- Cover limit on savings is €5,000
- Cover is provided at no direct cost to eligible members
- Cover remains in force as long as you leave your savings in the Credit Union.
How it works
The amount of the insurance benefit is in direct proportion to the savings and age of the member.
- Under the age of 55 every €1 you save provides €1 of insurance
- During the years of 55-59 inclusive every €1 saved provides 75cents of insurance
- During the years of 60-64 inclusive every €1 saved provides 50cents of insurance
- During the years of 65-69 inclusive every €1 saved provides 25cents of insurance
If you are 54 years of age with a savings balance of €4,500, an insurance benefit of €4,500 will be paid out on your death. If you are 57 years of age with a savings balance of €4,500, saved since your 55th birthday, an insurance benefit of €3,375 will be paid out on your death.