Credit Union Insurance
Ballyhackamore Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Ballyhackamore Credit Union Limited in respect of eligible members is:
- Life Savings Insurance
- Loan Protection
The “member pay” services currently available are:
- Death Benefit Insurance
Life Savings Insurance
Ballyhackamore Credit Union provides Life Savings Insurance at no direct cost for its eligible members’ savings, as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is based on savings patterns, age at death etc.
The first £10,000 of eligible members’ savings are insured as follows, providing no withdrawals have been made:
- Savings up to age 55 are insured for 100%
- Savings from age 55 to 60 are insured for 75%
- Savings from age 60 to 65 are insured for 50%
- Savings from age 65 to 70 are insured for 25%
Please note that withdrawal of shares could have an adverse effect on the above insurance cover.
It is important that each member completes a nomination form indicating who is eligible to receive this insurance. Terms and Conditions apply.
Eligibility savings are those that:
- are lodged before age 70 up to a maximum of £10,000
- remain intact in your account and,
- are lodged whilst you were working or, if not working, in good health
Loan Protection Insurance
Loan Protection Insurance is provided to members at no direct cost to them. This means that on the event of your death, E.C.C.U. (the credit union insurance company) will clear your loan balance — it will not have to be paid off from your savings or by your family! (Subject to policy conditions).
All loans are covered by ECCU Insurance and are subject to the policy terms and conditions. The insurance is provided to members at no direct cost to them and will clear their outstanding loan balance in the event of their death subject to policy conditions.
Cover for permanent disability may also provided, subject to policy terms and conditions. In some cases, a declaration of health may be required.
* Terms & Conditions apply
Every borrowing member is eligible for Loan Protection Insurance if they are:
actively engaged in the usual duties of his/her livelihood on the date they receive the loan, or if not working, that they are in good health and capable of performing the usual duties of their livelihood on that date.
Insurance cover on loans is subject to policy terms and conditions. Members pay no individual charge.
Death Benefit Insurance
This product provides a one-off payment of £2000 to help meet immediate funeral costs. This will be payable, as soon as possible, on production of required documents, including the invoice from the funeral services provider. Members who joined the credit union before 70 years of age are covered for Death Benefit Insurance.
This benefit is designed to relieve the burden of bereavement costs. Members pay an annual premium. The amount will be pre-notified in our AGM Notification. For 2020, the premium will be £17.83.
Cover is provided to members who:
- Joined before 70 years of age
- Have a minimum balance of (currently) £75.00. This balance is reviewed by the Board of Directors on an annual basis, as is the annual premium payable by members.
- Satisfy the policy terms and conditions when joining the credit union.
Contact us for a
We have great loan rates avilable for our members, please get in touch with our customer service team to discuss your loan further.