Goresbridge 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 Goresbridge Credit Union Limited in respect of eligible members are:
- Loan Protection Insurance (Paid by the Goresbridge Credit Union)
- Life Savings Insurance (Paid by the Goresbridge Credit Union)
- Death Benefit Insurance (Paid by the member)
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One of the attractions of a loan with the Goresbridge 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 and who have not reached their 80th birthday at the time the loan is granted.
What is Loan Protection Insurance?
In Goresbridge 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 dependants 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 outstanding loan of a member who suffers total and permanent disability for any occupation before his/her 55th birthday is also repaid.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
Life Savings Insurance is the life insurance cover provided to Goresbridge 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 (cover limited to €12,700). Withdrawals may affect the amount of insurance payable in the event of a claim.
Death Benefit Insurance is provided to all members of Goresbridge Credit Union at no extra cost. A sum of money is paid to help towards funeral expenses in the event of your death. Members are also provided Share and Loan insurance at no extra cost.
The sum of €1,950 is paid out to dependants of eligible members, towards funeral expenses.
To be eligible, a person must be:-
- A Credit Union Member
- Have joined the Credit Union before age 70yrs, have been eligible for cover under the Life Savings policy ie. working or in good health, and must remain a member of the Credit Union
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.