Insurance
Loan Protection Insurance
In Blarney Credit Union Limited, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.
Loan Protection Insurance is payable 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 cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid.
- The total and permanent disability must be medically determined
- The total and permanent disability must commence before the 60th birthday
Life Savings Insurance
Life Savings Insurance is the life insurance coverage provided to Blarney Credit Union Limited members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership and depends on the member’s age at date of lodgement.
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.
Death Benefit Insurance
All eligible members of the Credit Union qualify under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of €1,300 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement. This is provided at no direct cost to the member.
Nobody enjoys talking or even thinking about their own mortality. However, the simple fact is funerals are now extremely expensive and very few people realize the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased from €250 to over €3000. Death Benefit Insurance won’t ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.
To qualify for death benefit insurance you must be a Credit Union member with a minimum balance of €10 in your share account and must have joined the Credit Union before your 70th birthday.
Nominations
When you join Blarney Credit Union you have the option to ‘nominate’ an individual(s) as part of your application. Those nominee(s) will be the beneficiaries of funds from the relevant account in the event your death, up to a total maximum of €23,000. This nomination is not considered part of your estate in the event of your death.
This nomination is not considered part of your estate in the event of your death.
It is important that you keep your nomination status up to date. Please note that if you get married, this will invalidate any previous nomination so you should review your nominations at that time. In addition, if your nominee(s) pre-deceases you, then their nomination is also invalid.
Please be mindful of updating your nominations in these events.
Reasons why you should fill out a nomination form?
- A nominated person/persons will receive members shares and insurance benefits (if applicable) on death.
- The nominated parties can receive the funds without the need of probate.
- The maximum amount that can go to a nominee is €23,000. If there is a balance over €23,000 the remainder will go to the deceased estate.
