Share Insurance
What is Share Insurance?
Life Savings Insurance (or Share Insurance) is the life insurance cover we take out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union. The amount paid out in the event of a member’s death will depend on their age and how much they have saved with us over the years. There is no additional direct cost to you, the member.
The amount of insurance benefit which an eligible member, is entitled to is in direct proportion to their level of savings, the age of the member, and their savings pattern.
Subject to a maximum set by Aviate Credit Union at €3,000, every €1 you save before the age of 55 provides €1 of benefit. So, if you are 54 years of age with €3,000 saved in your credit union account, an insurance benefit of €3,000 in addition to your savings will be paid out on your death.
No insurance is payable on amounts saved after your 70th birthday. Once earned, your insurance remains in force as long as you leave the savings in the credit union. Withdrawals will affect the amount payable.
The amounts paid out under the policy depends on a number of factors, including:
- Your age when joining the credit union.
- Value of your savings on your 55th birthday and at five yearly intervals up to your 70th birthday.
- The balance movement on your account following your 55th birthday until date of death.
- Their state of health throughout this period.
- New savings after 70th birthday are not covered.
- Withdrawal of savings at any time after 55th birthday below the maximum level of cover will reduce coverage.
