Loan Protection Insurance & Life Savings Insurance
Loan Protection Insurance & Life Savings Insurance
Enjoy peace of mind with our insurance services at no direct cost to you. Our coverage includes loan protection and savings protection, ensuring you and your loved ones are safeguarded.
Loan Protection Insurance
Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.
Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.
Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday.
- The total and permanent disability must be medically determined.
- The total and permanent disability must commence before the 65th birthday
Life Savings Insurance
Public Service Credit Union Ltd. offer double protection through Life Savings up to a maximum of €20,000 and Loan Protection Insurance on the lives of their members.
The benefits of Life Savings insurance means that your dependents will receive a financial sum in the event of your death. The amount will depend on your age and how much you have saved with Public Service Credit Union.
Life Savings insurance is paid for by Public Service Credit Union Ltd. There is no additional direct cost to you, the member.
The amount of insurance benefit which an eligible member is entitled to is in direct proportion to the savings and the age of the member.
The maximum insured by Public Service Credit Union Ltd. is €20,000, so every €1 you save before the age of 55 provides €1 of insurance up to the maximum of €20,000.
Example
If you are 54 years of age with €3,000 saved in Public Service Credit Union Ltd., an insurance benefit of €3,000 in addition to your savings will be paid out on your death.
Every €1 you save with your credit union provides the following insurance benefit:
- €1 saved up to 55 years of age provides €1 insurance benefit
- €1 saved during 55-59 years of age provides €0.75 insurance benefit
- €1 saved during 60-64 years of age provides €0.50 insurance benefit
- €1 saved during 65-69 years of age provides €0.25 insurance benefit
- No insurance is payable on amounts saved after your 70th birthday.
Your insurance remains in force as set out above as long as you leave your savings in Public Service Credit Union Ltd.
Withdrawals may affect the amount payable.
You are entitled to Life Savings Insurance cover when you save with Public Service Credit Union Ltd. if you:
- join Public Service Credit Union Ltd. before the age of 70 years and
- are actively at work, or if not working, are in good health.
PSCU have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes-timely intestacy process.
- You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000. Any amount in excess of €27,000 will form part of your estate.
- You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed and received by the credit union. The most recent nomination is the valid nomination.
- A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
- The nominated property does not form part of a deceased person’s estate.
- A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may form part of your estate.
- Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
- A nomination is automatically revoked by your subsequent marriage.
