From the 1st December 2020, Life Benefit Insurance will be provided to all eligible Members. This new benefit increases the maximum Life Savings Insurance cover provided from €12,700 to a possible €16,000 for Active Plan Members, and a possible €4,000 for Standard Plan Members.
This new Insurance also provides a minimum benefit of €700 for Standard Plan Members or €1,300 for Active Plan Members, when they die.
To become an Active Plan Member and earn the maximum insurance cover possible for your savings, take out a loan with us today or open a Core Credit Union Current Account.
Life Benefit Insurance replaces the Life Savings Insurance and Death Benefit Insurance previously provided by Core Credit Union.
Benefits will now be simply calculated from the balance in your share account at the age of your death and not the age when the shares were lodged.
This is an important difference as it gives Members greater flexibility with their money and makes this insurance easier to understand, as lodgement history will no longer affect the value of your savings benefits.
Life benefits will be split into two different Member Plans – Standard Plan and Active Plan with Active Plan Members being rewarded with a higher level of insurance cover.
When you join Core Credit Union, you join as a Standard Plan Member.
You are an Active Plan Member if you:
- Paid €500 or more in loan interest over the life of your membership*.
- Have an active loan of €1,000 or more.
- Open a Core Credit Union Current Account.
Standard Plan Members receive a minimum of €700 and a maximum of €4,000 Life Benefit. Active Plan Members receive a minimum of €1,300 and a maximum of €16,000 Life Benefit. These benefits will be paid to the Member’s beneficiaries after their death.
The amount of Life Benefit received depends on the amount of Insurable savings you have in your account when you die.
Insurable savings are the amount of savings a Member has with Core Credit Union that are covered by our insurance policy. Insurable savings are capped at €16,000 for Active Plan Members and €4,000 for Standard Plan Members. If a Member has a savings balance higher than the Insurable savings cap on their Member Plan, those savings are not insured.
The minimum Life Benefit every eligible Active Plan Member receives is €1,300 and Standard Plan Members receive €700, even if the saving balance in the Members account is lower than those amounts on the date of their death, provided the member maintains a savings balance of €500.
*The life of your membership is based on our computerised records, where interest paid before computerisation can be validated, cover will also be provided.
Pre-Existing Condition Limitations
Each new share deposit a Member makes is governed by a 6 month pre-existing condition limitation. This means that cover is not provided on that particular deposit if a Member dies from a pre-existing illness or injury for which medical advice, consultation or treatment was received, within 6 months of making the deposit.
As before, to be eligible for this Life Benefit, you must have joined Core Credit Union before the age of 70 and have €500 in your Share account on the date of your death.
*Insurable savings for Standard Plan Members are capped at €4,000.
**Minimum Life benefit received for Standard Plan Members is €700 and Active Plan Members is €1,300.