Loan Protection Insurance, Life Savings Insurance and Death Benefit Insurance

Insurance Products

The insurance covers currently provided by all credit unions in respect of eligible members are Loan Protection and Life Savings Insurance. Death Benefit Insurance which is designed to assist with funeral expenses is provided by some credit unions.

Loan Protection Insurance

Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.

Should an insured borrower die, or (under most contracts) become totally and permanently disabled for any occupation, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the promissory note dies with a loan outstanding, the loan balance is paid in full by the insurer.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 70th birthday. However, Finglas Credit Union provides Loan protection Insurance for its members up to their 85th birthday. Terms and conditions apply. Disability cover however ceases on the eligible members 60th birthday.

Life Savings Insurance

Life Savings Insurance Cover is a benefit afforded to members of Finglas Credit Union Limited.

The current level of cover from 1st August 2022 is now €5,000.

Please see attached link below for a detailed explanation of cover with examples for your information.

For further information please contact a member of staff at the Credit Union.

Death Benefit Insurance

All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance Policy. From 1st April 2021 a lump sum of €1,950 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.

Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased from €5,000 to €15,000. Death Benefit Insurance won't ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family.

To qualify for death benefit insurance, a member must have been in good health when they joined the credit union. Entry to the Death Benefit Scheme will be subject to Terms & Conditions (see attached leaflet). Application form may be printed from below, completed and returned to the credit union.