CANA Credit Union provides life insurance cover on the savings of all eligible members as an additional incentive for them to save regularly and maintain their savings with the credit union.
What are the benefits?
Upon the death of a member a benefit is calculated and added to their existing credit union savings. The amount payable depends on the member’s age and savings record with the credit union. This insurance is provided at no direct cost to the member as the premium is paid by the credit union as an operational expense.
How does it work?
The amount of insurance benefit to which an eligible member is entitled to is in direct proportion to the savings and age of the member – subject to a maximum pay-out of €12,700.
Every €1 that a member saves up to the age of 55 provides €1 of insurance benefit. Thereafter benefit is calculated on a sliding scale e.g.:
Table of Life Savings Cover
Under 55 every €1 saved provides €1 of insurance benefit
55-59 every €1 saved provides €0.75 of insurance benefit
60-64 every €1 saved provides €0.50 of insurance benefit
65-69 every €1 saved provides €0.25 of insurance benefit
70 + No insurance is payable on amounts saved after 70th birthday.
- Please note that withdrawals may affect the amount payable
- The maximum amount payable is €12,700 regardless of the balance of the account
- At the time of saving the member must be actively at work or if not working must be in good health. Once earned your insurance remains in force as long as you leave your savings in your credit union.