Life Savings Insurance is the life savings insurance cover Core Credit Union provides for its eligible members as an additional incentive for them to save regularly.
The amount of insurance benefit to which you are entitled to is in proportion to the amount of savings you have, and depends on your age at date of lodgement.
Subject to a maximum of €12,700, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55, each €1 you save with your credit union provides the following benefit:
- €1 saved between ages 55-59 provides €0.75 insurance
- €1 saved between ages 60-64 provides €0.50 insurance
- €1 saved between ages 65-69 provides €0.25 insurance
- No insurance is payable on amounts saved after your 70th Birthday.
The maximum benefit is currently €12,700 any additional savings made after this amount will not attract insurance cover.
Once earned, your insurance remains in place as long as you leave your savings in the credit union. If you withdraw your savings, you will lose any insurance attached to those savings.
As a member, you are eligible for the insurance cover carried by Core Credit Union if, when you begin saving you are:
- Under the age of 70
- Actively at work, or if not working, in good health and fit to follow your normal duties