Insurance

    Carrick-on-Shannon & District Credit Union also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Carrick-on-Shannon & District Credit Union in respect of eligible members are:

    • Loan Protection
    • Life Savings Insurance

    Loan Protection Insurance

    One of the attractions of a loan with the Carrick on Shannon & DistrictCredit Union is free Loan Protection Insurance. It repays the balance 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.

    What is Loan Protection Insurance?

    In Carrick on Shannon & District 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 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.

    Life Savings Protection

    Life Savings Insurance is the life insurance cover provided to Carrick on Shannon & District 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.

    Some credit unions extend cover to include the “Accidental, Death and Dismemberment” Rider.  Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident.  Also if the member looses a limb or sight as the result of an accident then a benefit may be paid to member.  The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgments are made.

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