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 firstname.lastname@example.org or call them at 1890 410 410
Loan Protection Insurance
One of the benefits of a loan with the Kilmallock Credit Union is free Loan Protection Insurance. Giving our members peace of mind when borrowing.
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
Life Savings Insurance
This is a FREE life insurance cover provided by Kilmallock First Credit Union to all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. It means your estate will receive a financial sum in the event of your death.
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.
Death Benefit Insurance
Kilmallock Credit Union is pleased to offer our members this additional service designed to lighten the financial burden of bereavement. Death Benefit Insurance (DBI) provides a payment towards funeral expenses through the credit union’s own insurance policy on the passing of the member. During your membership of the credit union, it can give you and your loved ones added peace of mind and reduces certain worries about the future.
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
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.