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AXA Insurance
AXA Car & Home Insurance
Ballyhackamore Credit Union, in conjunction with AXA Insurance, may be able to offer members a discount on their home and car insurance.
Please click here for more information.
Life Savings Insurance
Life Savings Insurance
Ballyhackamore Credit Union provides life savings insurance for eligible members.
The amount of life savings benefit payable will depend on the amount of savings and also the member’s age on the date of lodgement.
Savings must be lodged while you are working, or, if not working, in good health. Savings lodged while you are medically retired or not in good health will not be covered.
Savings lodged after your 70th birthday are also not eligible to be included, as are any savings which are withdrawn.
Members pay no individual charge for Life savings Insurance.
Loan Protection Insurance
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
Eligibility
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
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 2023, the premium will be £20.54.
Cover is provided to members who:
- Joined before 70 years of age
- Have a minimum balance of (currently) £30.00. 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.
Nomination Form
Credit Union Nomination Form
We encourage all our members to ensure that they have completed a Nomination Form. This form allows you to nominate a person, or persons, who in the event of your death will receive your savings, eligible savings insurance and eligible death benefit (if the nominee is also the person responsible for paying for the funeral).
This form is available in our office and will be given to you on joining. This form must be carefully completed and witnessed by someone who is not the nominee – we can witness your signature in our office.
Note that the death, marriage, civil partnership or divorce of a nominator automatically revokes any nomination made before this event. In this case, your nomination form should be updated. Death of the nominee prior to the death of the nominator will also revoke the nomination.
Nominated property in the credit union does not form part of the estate of the deceased nominator and is separate from the will.