Life Savings Insurance Cover
Did you know that Life Savings Insurance Cover is provided by Blanchardstown & District Credit Union (BDCU), at no direct cost to eligible members, as an additional incentive to save regularly and maintain active savings with us? As of 1st July 2023, the maximum Life Savings Insurance benefit payable on Special Shares is €5,000, subject to policy terms and conditions.
What is Life Savings Insurance?
Life Savings insurance is life insurance cover provided by BDCU at no direct cost to all eligible members. It serves as an incentive to save on a regular basis and in the unfortunate event of a member’s death, it can pay a benefit to the person(s) nominated by the deceased member.
Benefits of Life Savings Insurance
The benefit of Life Savings Insurance Cover with BDCU means that your nominee, as chosen by you on your Nomination Form, could receive a financial sum, up to a maximum of €5,000, in the event of your death, subject to policy terms and conditions.
The amount of insurance benefit that an eligible member is entitled to is related to their age and health when lodging to their shares/savings and to the lowest balance up until the date of their death.
If a member withdraws from their shares/savings this may affect the amount added to their account on death and subsequently paid out to their nominee as part of their estate.
Features of Life Savings Insurance Cover
Depending on your age and how much you have saved with Blanchardstown & District Credit Union over the life of your membership, Life Savings Insurance could provide your dependents with up to €5,000 on your death.
Your insurance remains in place for as long as you leave your savings in Blanchardstown & District Credit Union. Please note withdrawals will affect the amount payable.
Life Savings Insurance cover is also available on eligible joint accounts
A member is eligible for Life Savings Insurance cover, if when they begin saving, they are:
– Under the age of 70
– Fit to follow their normal occupation or duties
– Any lodgement to savings after a member’s 70th birthday is not considered as part of any payment of benefit calculation.
If you have any questions relating to Life Savings Insurance, Death Benefit Insurance or your nominations form, you can email, firstname.lastname@example.org and a member of our team will contact you.
Alternatively, you can visit our offices (Monday – Saturday) or phone our office on 01-820 3495 and a member of our team will be happy to help you.
If you’d like to read more about more member benefit programs, click here.