Members Insurance
What is Loan Protection Insurance?
There are many good reasons for taking a loan out with Aviate Credit Union and one of them is the free loan protection cover that comes with loans.
Loan Protection Insurance is the insurance cover we provide on the lives of eligible members who have loans with us. There is no charge to members for this insurance cover.
Should a member with an outstanding loan balance pass away, their loan is protected by an insurance policy taken out and paid for by Aviate Credit Union. This means that you can borrow from your Credit Union in confidence that your dependents should not have to repay the outstanding loan balance. Terms and conditions do apply.
Members are eligible for Loan Protection Insurance, provided that as a borrower, they:
- Have not reached their 80th birthday.
- Are able to perform the normal duties of their occupation / are in good health.
- Where applicable, a health declaration form has been completed.
Features:
- Automatic cover up to €10,000.
- Amounts in excess of €10,000 are covered subject to terms and conditions. A member declaration is required which is explained at the time of loan application.
- The maximum coverage for members over the age of 70 is €40,000.
- Insurance cover ceases on the member’s 80th birthday.
What is Life Savings Insurance?
Life Savings 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.
