Member Benefit Programmes
In addition to a number of optional “Peopl” Insurance Products, we offer three valuable insurance benefits at no direct charge to Members. The Credit Union take out a group Life Policy to mitigate these claims. These are as follows:
Life Savings Insurance
This scheme offers FREE LIFE INSURANCE relating to a Member’s Savings.
The main terms and conditions are:
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Savings must be made, and maintained, in the Credit Union before the age of 71.
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The maximum insured amount is €13,000.
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No medical questions, however a pre-existing condition limitation (PCL) is in place for all savings made 6 months before death.
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The benefit percentage changes as the member get older, please see below.
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Members must leave their savings in their account or this might affect the benefits.
Example: If, for example, a Member had the following savings in their Shares at their key birthdays and died at, say, age 75 they would get the following benefit:
The benefit is paid on the EXTRA amount saved between each birthday and the maximum benefit is paid on savings made before the age of 55 i.e.100%.
Life Savings Insurance
Where members are borrowing from the Credit Union, there is obviously the possibility that they may not completely repay the loan due to death.
In Blanchardstown & District Credit Union, the debt shall die with the debtor. This means you do not have the worry about leaving a debt for your next of kin.
Terms and conditions apply.
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Members under 70 years can borrow a maximum of €70,000.
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Members between 70 and 80 years can borrow up to €30,000.
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For more information on any of the above please contact us at 01 820 3495
Death Benefit Insurance*
The main purpose of Death Benefit Insurance is to provide extra Insurance to our Members in the event of their death. With Blanchardstown & District Credit Union Ltd., the benefit offered is €2,600 and is paid to the next of kin/dependants of eligible members to help with funeral expenses.
You are eligible for this insurance provided you:
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are over 16 years of age (under 16 years are automatically included)
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joined the credit union before 71 years of age
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have been a member for more than 6 Months & remained a member of the credit union
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have a balance in your shares of at least €380, at the time of death.