Insurance Products

Life Savings Insurance

Life Savings Insurance is the life insurance cover provided to Clones Credit Union 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.

Clones Credit Unions extend cover to include the “Accidental Death” Rider. Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident. The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgements are made to a maximum cover of €5,000.00.

Loan Protection Insurance

One of the attractions of a loan with the Clones Credit Union is Loan Protection Insurance. It repays the balance on the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.

In Clones Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be cleared 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. 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.