Loan Protection Insurance
CANA Credit Union maintains a Loan Protection insurance policy, which activates on the death of an eligible member to repay outstanding loans.
In the event of death or permanent disability (see below for further details) any borrowing, which the member may have with the credit union, is cleared in full subject to certain limits and conditions which may apply.
This means that you can borrow from CANA in full confidence that your dependents will not be obliged to repay your loans in the event of your death or permanent disability.
- Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
- If you are an eligible member, this means that you can borrow from your Credit Union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.
- There is no charge to members for this insurance cover.
- Insurance cover ceases at the members 80th birthday.
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.
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.
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.