INSURANCES (terms & conditions apply) As well as access to cost effective products and services, as a member of this Credit Union you can also avail from some FREE INSURANCE, as detailed below: There is a Death Benefit Insurance (DBI) of €1,300 for members who hold a balance of at least €250 at the time of their death, and have joined before age 71. This cover is of great comfort at a difficult time. The €1,300 is paid directly to the funeral director, or to the person who pays the funeral bill. All you have to do is join before age 71 and maintain a balance of €250 in your share account. Loan Protection Insurance is provided to clear loans in the event of a member's death. This reduces the financial burden on those left behind as the loan can be cleared by the insurance on the loan. The cover on this depends on a members age, health and amount borrowed. Our loan officers will be happy to discuss this with you at loan application stage. Life Savings Insurance provides extra benefit to those left behind after a member passes away. The insurance benefit payable after a member's death is linked 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 lodgements are made to the account. Amounts saved after the 70th birthday are not insured and any withdrawal of savings after age 55 can permanently reduce the overall cover (see explanatory table below). Cover is up to a maximum of €5,000.00.
Age
Cover 100% 75% 50% 25%
Up to Age 55 Age 55 – 59 Age 60 – 64 Age 65 – 70
Age 70+
No Further Cover
Optional Additional Cover
Member-Pay Death Benefit Insurance (MDBI)
Members can opt to add an additional Member-Pay Death Benefit Insurance (*MDBI) as a member pay add on. There is an annual fee for this, currently €48. Members aged under 71 can opt in for this cover. The benefit of MDBI is an additional €2,000. More information at www.alturacu.ie or in any of our branches.
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