Life Savings Insurance

When you open a credit union share account and save with the credit union, your savings are automatically covered, at no cost to you, by our unique Life Savings Insurance policy (subject to terms & conditions).

See below for more information

Life Savings Insurance and your Credit Union

What is this insurance?

When you save with your credit union your savings are automatically covered by our unique Life Savings Insurance, at no cost to you (subject to terms & conditions, see below). This means that should you pass away, whatever you have in your share account on the day of your passing will be covered by this insurance. The insurance will top up the amount you have saved in your share account up to a maximum of €13,000. The amount that will be paid out by the insurance will depend on your age at date of passing. This insurance is paid, on top off your shares, to your estate or the nominee(s) on your account.

You don't have to apply for this insurance. When you open an account with the credit union, your shares are automatically covered, subject to the terms & conditions below.

This insurance cover is paid for by your credit union and will not cost you anything. It is another benefit of being a credit union member.

See the table below for examples:

What are the terms and conditions of this insurance?

  • To be covered by this insurance, you must have joined the credit union before your 70th birthday.
  • The insurance applies only to the Share account and not to notice, on-demand deposit, or term deposit accounts.
  • The maximum amount of shares covered by this insurance is €13,000. Any shares saved above this amount will not be topped up and are paid to your estate/nominee(s) as is.

If you have any questions about this insurance cover, please ask at the counter or contact us at 0818 297 007 or help@lucancu.ie