Insurances

Insurances

Access to great insurance deals with Kilmallock CU

As a member of Kilmallock Credit Union you can avail of our Free Insurances and have access to some great insurance deals from various suppliers. Just one of the many great benefits of joining your local credit union!

Car, Home & Holiday Insurance

Credit Union member discounts with AXA Insurance & coverU.ie

E-mail them at info@coveru.ie or call them at 1890 410 410

AXA Quote Me

COVERU.IE QUOTE ME

What Is Loan Protection Insurance?

In Kilmallock Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. Should a member with an outstanding loan balance pass away, the balance is repaid in full, subject to certain cover limits or conditions which may apply. 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. 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 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 on which lodgements are made to the account and their state of health.

Subject to a maximum benefit of €5,000 (effective July 2021), 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:

• Up to 55. The insurable savings balance held at age 55 or the lowest insurable balance thereafter until date of death attracts 100% LS cover.
• 55-60. The additional savings made between ages 55 and 60, or the lowest balance thereafter until date of death, that additional amount attracts 75% LS cover.
• 60-65. The additional savings made between ages 60 and 65, or the lowest balance thereafter until date of death, that additional amount attracts 50% LS cover.
• 65-70. The additional savings made between ages 65 and 70, or the lowest balance thereafter until date of death, that additional amount attracts 25% LS cover.
• 70+ Any savings made after a members 70th birthday attract no further LS insurance cover.

Terms & conditions apply. Minimum €5 balance to be kept in the account at all times.

What Are The Benefits?

The current amount of insurance benefit offered is €1,000. The DBI service is available to eligible members of Kilmallock Credit Unions.

The following eligibility criteria apply:

• You need to be in good health or able to actively and regularly perform your normal occupation or duties when or after joining the credit union
• You need to have joined Kilmallock credit union before the age of 70 and maintain membership for a minimum of two years before cover is granted
• You need to remain a member of your credit union and have maintained the minimum share balance required under the credit union’s eligibility requirements
• A minimum balance of €5.00 must be present in the account at the Date of Death to benefit from DBI

If you’d like us to talk you through any of these insurances in more detail, get in touch on 063 98355, at info@kilmallockcu.ie or see our FAQs.

AXA Insurance Ltd. is regulated by the Central Bank of Ireland. Kilmallock Credit Union Limited is regulated by the Central Bank of Ireland and is acting solely as an introducer to AXA Insurance. CoverU.ie is underwritten by AIG Europe Limited. AIG Europe Limited is authorised by the Prudential Regulation Authority of the United Kingdom, and is regulated by the Central Bank of Ireland for conduct of business rules.