FREE Life Savings and Loan Insurance

Life Savings Insurance

Life Savings Insurance cover is paid by the Credit Union. It is provided FREE of charge to our members. It’s yet another reason to save regularly and maintain savings with us.

The amount paid out in the event of a member’s death will depend on your age and how much you have saved with the credit union over the years:

  • Up to age 55: 100% of share balance at age 55 insured or lowest balance thereafter
  • Age 55 – 60: Savings lodged between age 55 - 60 or the lowest balance thereafter are insured at 75%
  • Age 60 – 65: Savings lodged between age 60 - 65 or the lowest balance thereafter are insured at 50%
  • Age 65 - 70: Savings lodged between age 65 - 70 or the lowest balance thereafter are insured at 25%

Please note that:

  • Withdrawals have a negative impact on life savings insurance
  • The claim is based on the lowest share amount after age 55
  • Amounts deposited after age 70 are not insured

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FREE Loan Insurance

Loan insurance is also provided for all eligible members, FREE of charge.

Should a member die with an outstanding loan, then some or all of any outstanding loan balance would be repaid.

To qualify you must have joined the Credit Union before the age of 70 and be able to perform the normal duties of their occupation or be in good health. Cover of up to £15,000 is provided when you are in good health. Up to £6,000 is covered regardless of health.

If a member shares are lodged after the age of 70 or if a member is no longer able to perform their usual duties and are no longer in good health they are not insurable.

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What is a Nominee?

When you open your account with Lurgan Credit Union you will complete a Nominee form nominating one or more than one person to receive your shares and any insurance added when you die.

The maximum amount receivable by a Nominee must not exceed the limit on the value of savings you can deposit with the Credit Union. This is currently £20,000. If your account has in excess of £20,000 when you die or if the Life Savings Insurance brings your savings balance over £20,000, we will require Grant of Probate or Letters of Administration to release the excess monies to your Executor or Administrator.

A valid nomination will not be affected by the terms of your will.

The following will revoke any existing nomination

  • Your subsequent Marriage or Civil Partnership revokes a previous nomination
  • Your Divorce revokes the nomination of your spouse
  • Death of a Nominee revokes a nomination
  • Completion of a new nomination revokes all previous nominations

It is important to keep your Nominee up to date. Contact us to check or change your nomination.