St Canice's Kilkenny

Life Savings Insurance is the life insurance cover the credit union provides for its eligible members as an additional incentive to save regularly.

It is payable on the death of an eligible member subject to policy terms and conditions.

The insurance benefit payable is in proportion to the amount of savings that a member has accumulated during the term of their membership. The benefit is also dependent on the member’s age at the date lodgements and withdrawals are made to the account.

Subject to a maximum benefit of €12,700, every €1 saved before the age of 55 provides €1 of insurance. However, once over the age of 55, each €1 saved provides the following benefit:

 

 

Age	Savings	Insurance Cover
55-59	every €1 provides	an additional €0.75 in insurance
60-64	every €1 provides	an additional €0.50 in insurance
65-69	every €1 provides	an additional €0.25 in insurance

Amounts saved after a member's 70th birthday are not insured. However, cover built up before this age remains in force provided savings remain in place. Withdrawals may affect the amount of life savings insurance payable.

Please note that only the first named member on a joint account is eligible for this insurance.