Share Insurance

Discover the benefits of Share Insurance 

This is a life assurance product provided by the Credit Union at no direct cost to the member - in the event of the member's death, all savings up to €3,000 are doubled. This is provided the savings were made before the members 55th birthday and the balance in the account never falls below this amount thereafter.

If the maximum insurable amount is not saved before the members 55th birthday, then any amount saved below this amount will be doubled and amounts saved after the 55th birthday (up to a maximum of €3,000) will be at a reduced rate.

Key Points:

The maximum cover on shares/deposits is €3,000.
Savings up to the date of the onset of illness will continue to have insurance cover.
The insurance benefit payable will be in proportion to the amount of savings that a member has made during the term of membership.
The benefit is also dependent on the member’s age at the date lodgments are made to the account.
The maximum amount which may be nominated (including insurance) is currently €23,000. Any amount exceeding this sum goes to the estate and, in this regard, Probate or Letters of Administration will be sought.
Amounts saved after the 70th birthday is not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday.
Withdrawals of savings can affect Life Savings cover. Any withdrawal of shares/deposits will be treated on a 'last in - first out' basis in order to provide the member with maximum cover.
A working member who, due to illness or injury, is not working at the time a lodgment is made to his/her account or a retired member not in good health when a lodgment is made, will not be considered insured for such lodgments until the member resumes work or regains good health, as appropriate.



Life Savings Cover Table
Under 55 years of age 100% cover
Between 55 & 60 years of age 75% cover
Between 60 & 65 years of age 50% cover
Between 65 & 70 years of age 25% cover
After 70 years of age No cover


*Subject to policy terms and conditions. Generally, the full value of the member's shares is considered for the calculation of cover.