One of the most valued benefits of Credit Union membership is free insurance cover on eligible members savings and borrowings. Ardee Credit Union pays monthly premiums to the ECCU Assurance Company in respect of this service out of earnings and no direct charge is levied on the member.
Life Savings:
Savings in Ardee Credit Union entitle a member to Life Savings Benefit up to a maximum of €10,200. This benefit is an encouragement to our members to save on a regular basis and leave their savings in the Credit Union.
Who is eligible?
You are eligible for cover if, when you save in your credit union, you are
(a) under 70 years of age, and
(b) actively at work or if not working, in good health.
How much cover is there?
For every €1 you save in your Credit Union
Age Insurance Cover
Savings made before 55th birthday 100% cover
Savings made between 55th & 60th birthday 75% cover
Savings made between 60th & 65th birthday 50% cover
Savings made between 65th & 70th birthday 25% cover
Up to a maximum of €10,200
The amount of insurance earned depends on your age at the time the money is saved. The withdrawal of savings may affect insurance benefits. So, it may be advisable to borrow rather than withdraw savings.
