Waterford Credit Union provides insurance cover on the lives of eligible members to protect their loans in the event of their demise.
Who is eligible?
Any credit union member is eligible for Loan Protection Insurance provided:
- You have not reached the age of 85 at the time of your death
- You are actively at work or able to carry out normal occupation duties at the time of your loan application
Who is covered on a Joint Account?
In the case of a joint loan, both parties are covered by Loan Protection Insurance.
What are the benefits?
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. Cover amounts will be explained at the time of your loan application. All loans, balances up to €10,000 are automatically covered.
Life Savings Insurance is a life cover which we provide to all eligible members as an additional incentive to save regularly and maintain savings. The benefit payable is in proportion to the amount of savings a member had made during their membership, prior to age 70.
Who is eligible?
You are eligible for insurance cover if you are under the age of 70 at the time you join the credit union.
Who is covered on a Joint Account?
In the case of joint accounts, the member whose name appears first on the account is covered.
What are the benefits?
The benefits are dependent on the member’s age and balances at the date lodgements were made to the accounts. The insurance benefit payable will be in proportion to the amount of savings that a member has lodged during their membership, as outlined below:
- 100% on savings lodged before age 55
- 75% on savings lodged between 55 and 60, or lowest subsequent balance.
- 50% on savings lodged between 60 and 65, or lowest subsequent balance.
- 25% on savings lodged between 65 and 70, or lowest subsequent balance.
The maximum benefit payable by Waterford Credit Union under Life Savings Insurance is €3,000.
Loan Repayment Protection Insurance is an optional insurance protection policy which provides cover for members’ loan repayments (under their loan agreement) in the event that the member is unable to work due to an accident, sickness or involuntary unemployment. Members have a 30-day cooling off period. The premium “pay as you go” (weekly / fortnightly / monthly) charged as 7.99% of your loan repayment amount. Please ask any of our qualified lending team for full benefits and eligibility criteria.
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Waterford Credit Union Death Benefit Scheme
The main purpose of the Scheme is to provide a Benefit to Eligible members in the event of their death.
The Benefit in the Scheme period from 1st January 2024 to 31st December 2024 is €3,250. The Benefit may be varied at a subsequent renewal date and any proposed amendment to the Scheme Benefit at a renewal date will be communicated in advance to members of the Scheme.
The Scheme runs from 1st January to 31st December each year subject to its ongoing renewal. The Benefit is only guaranteed on a year by year basis, if the Scheme is renewed.
Our policy of insurance will be renewed by our Insurer, if in its opinion, the Scheme is sustainable for the following year. However if our Insurer determines that the Scheme is not sustainable the Credit Union’s insurance Cover will not be renewed.
Please Note: Renewal of Cover for the Scheme for the following year is Not Guaranteed and is at the discretion of the Insurer.
Members participation in the Scheme automatically renews on an annual basis, provided the Scheme is renewed. Alternatively, members can stop paying for this Benefit and leave the Scheme from next renewal, by signing a DBI cancellation instruction.
Please note: Your annual deduction in any year entitles you to be a member of the Scheme for that year only.
WHO IS ELIGIBLE TO JOIN THE SCHEME
You are eligible to join the Scheme if at the date of your application to join;
(a) You are a member of the Credit Union aged between 16 and 64 (maximum age 64 on the 31st of December of the current scheme year) (age criteria does not apply to existing members of the scheme i.e. if you are currently insured by a Waterford Credit Union Death Benefit Insurance policy) and;
(b) You are in good health, and
(c) You have completed and returned a Scheme application form before commencement of the new Scheme year.
Once you join the Scheme and pay the necessary annual amount you will continue to be a member of the Scheme unless your membership ceases in one of the following ways:
How your Scheme membership may cease
(a) You inform us that you wish to opt out of the Scheme from the next renewal date, or
(b) The available balance held in your credit union account is insufficient to meet the annual cost of maintaining your membership of the Scheme, or
(c) You cease to be a member of Waterford Credit Union, or
(d) Waterford Credit Union decides not to, or is unable to, renew the Scheme at a renewal date and the Scheme is therefore discontinued from that date.
SIGNIFICANT EXCLUSIONS & LIMITATIONS
Members must maintain adequate funds in their account to pay the required annual Scheme amount plus the required amount to retain their membership of Waterford Credit Union as per WCU rules. The cost of the Death Benefit Insurance for the year 2024 is €80 (subject to change). Members must also maintain a minimum funds balance of €11 in their Share account at all times to retain membership of Waterford Credit Union.
Therefore, members must have a minimum of €91 available funds in their share account on the day of deduction, January 31st 2024. If there are not sufficient funds in the members account to cover the payment required for the Scheme, cover will cease.
No Benefit is payable if;
- You misstated your age and your correct age at the time you applied to join the Scheme exceeded 64 years and therefore, you were not eligible to join the Scheme,
- You were not in good health when you joined the Scheme,
- You cease to be a member of the Scheme for any of the reasons stated under the above sub heading “How your Scheme membership may cease”.
CLAIMING THE BENEFIT
This Scheme is arranged by your Credit Union under its insurance Cover and any death covered under the Scheme should be notified to us. The Benefit will be paid by our Insurer to us for payment to the deceased member’s credit union account.
HOW CAN ELIGIBLE MEMBERS SIGN UP?
Sign up in branch at Parnell Street, Upper Grange or Tramore. Alternatively download and complete the Application Form.
DEATH BENEFIT INSURANCE CANCELLATION
Members that sign up for Death Benefit Insurance cover may opt out. However, please note; once a member opts-out of the Scheme they are no longer covered for the DBI benefit of €3,250 in the event of their death. DBI cancellation form can be signed in branch.
Waterford Credit Union Limited is regulated by the Central Bank of Ireland.