Life Savings

This is the life insurance cover Heritage Credit Union takes out for all eligible members as an additional incentive to save regularly and maintain savings.

• There is no additional direct cost to you, the member.
• This is a free benefit offered by Heritage Credit Union and is subject to change at any time.
• Members will be notified in advance of any changes.

How does Life Savings Insurance work?

• Based on the saving and age at death, we will top up your savings regardless of the savings history – up to a maximum of €4,000 in benefit.
• All members with €500 in their shares that joined the credit union before their 71st birthday will get a minimum benefit of €1,000.
• The insurance does not cover every deposit if a member dies from a pre-existing illness or injury for which medical advice, consultation or treatment was received in the 6 months before the date of deposit. All deposits older than 6 months are covered.

The table below outlines the maximum benefits available to your loved ones (paid in addition to your savings) based on a sample savings balance.

*Terms and conditions apply. This is subject to change, but members will be notified in advance of any changes.

Loan Protection Insurance

Loan Protection Insurance is the insurance cover Heritage Credit Union provides on the lives of its borrowing members.

• Heritage Credit Union offer loan insurance to all eligible members at no direct cost to the member.
• This is a free benefit offered by Heritage Credit Union and is subject to change at any time.
• Members will be notified in advance of any changes.

• Our Loan Protection Insurance remains unchanged, providing full cover on loans up to €250,000.
• We will no longer require members to complete a Declaration of Health (DOH), we are introducing a Pre-existing Condition limitation (PCL) exclusion instead.
• PCL: The insurance does not cover the loan if a member dies from a pre-existing illness or injury for which medical advice, consultation or treatment was received in the 6 months before the date of loan. Once the loan is older than 6 month this exclusion no longer applies.

Who is eligible for Loan Protection insurance?

• the borrower must be under the age of 85 when the last loan was issued
• the borrower was actively at work or able to carry out normal occupational duties at the time the last loan was issued
• if not working, the borrower was in *good health

* Please be aware that if in the 6 months prior to your last loan, you received medical treatment, advice, or consultation for an illness, it may affect the insurance benefits payable under the terms of the Heritage Credit Union Loan Protection Insurance. In this instance your savings plus any savings insurance due, will be used to clear your outstanding loan balance.

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Other Insurance