Insurance

Insurance

Kanturk Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Kanturk Credit Union Limited in respect of eligible members is:

  • Loan Protection Insurance - Free to Members!
  • Life Savings Insurance - Free to Members!
  • Death Benefit Insurance - Free to Members!
  • Repayment Protection Insurance
  • Travel Insurance

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One of the attractions of a loan with the Kanturk Credit Union is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.

What is Loan Protection Insurance?

In Kanturk Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.

Loan Protection Insurance is payable subject to policy terms and conditions.

    • The insurance benefit payable is the amount of the member’s outstanding loan balance
    • Cover ceases on the member’s 80th birthday
    • The cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid
      1. The total and permanent disability must be medically determined
      2. The total and permanent disability must commence before the 65th birthday

Life Savings Insurance is the life insurance cover provided to Kanturk Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.

Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.

See points below

      • Up to 55th Birthday: 100% insured on balance or lowest balance
      • 55 - 60th Birthday: 75% insured on balance or lowest balance thereafter
      • 60 - 65th Birthday: 50% insured on balance or lowest balance thereafter
      • 65 - 70th Birthday: 25% insured on balance or lowest balance thereafter

All eligible members of the Credit Union qualify under our Death Benefit Insurance Policy. This means in the event of your death, 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. This is provided at no direct cost to the member. In the event of accidental death, the basic death benefit insurance is doubled to €3,900.00.

Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realize the impact funeral bills will have on their lives. In recent years the average cost of a funeral has increased from €250 to over €3000. 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 you must be a Credit Union member with a minimum balance of €300 in your share account and must have joined the Credit Union before your 70th birthday.

Available at your Credit Union!

Repayment Protection Insurance is an insurance policy which meets your loan repayment for a specified period of time if you are forced out of work because of:

        • Sickness
        • Accident
        • Redundancy

To avail of this insurance, you or your spouse must be in full-time employment and must be aged between 18 and 70.

Making a claim under Repayment Protection Insurance

        • Contact your local Credit Union for an application form
        • Staff at the Credit Union will go through what is required, and will provide you with a helpsheet entitled "Making a claim". This helpsheet details what supporting documentation is required by the Insurance Company to process your claim.
        • If you need to contact ASSURANT - the Insurance Company - regarding your claim, please telephone 1890 818 033

We offer travel insurance policies to our Members at very attractive rates - ask any staff member for details.

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.

Coveru.ie is a new suite of insurance services brought to you by credit unions and AIG. Coveru.ie offers great value to credit union members on home, car and travel insurances.
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