Insurance Cover
Protect what matters most with our comprehensive insurance products—reliable coverage at no extra cost!
Life Savings Insurance
The premium for this insurance is paid by the credit union and there is no extra cost to the member.
The credit union provides Life Savings Insurance cover on the savings of eligible members. The amount of insurance benefit depends on the amount of savings held in the credit union at the time of death and the member’s age at the time of lodgement.
Savings lodged before age 55 years – 100% insurance bonus
Savings lodged 55 – 59 years of age – 75% insurance bonus
Savings lodged 60 – 64 years of age – 50% insurance bonus
Savings lodged 65 – 70 years of age – 25% insurance bonus
No insurance is payable on amounts saved after 70th birthday. Withdrawals after 70 can reduce total insurance amount
A member is eligible for Life Savings Insurance cover if they have joined the credit union before the age of 70 years and are actively at work or in good health at the time of lodgements. In certain circumstances a Declaration of Health form may be required.
Loan Protection Insurance
The premium for this insurance is paid by the credit union and there is no extra cost to the member.
The credit union Loan Protection Insurance cover for eligible members. To be eligible for this insurance, a member must be actively at work or in good health on the date the loan is granted.
A Declaration of Health form may be required.
Loan Protection Insurance cover ceases at age 85.
Death Benefit Insurance
In addition to Life Savings and Loan Protection Insurance Cover, Ballykelly Credit Union also provides Death Benefit Insurance for all eligible members.
In the event of the death of a member, a payment of £1,000 is made.
To be eligible for this insurance, a member must have joined the Credit Union before age 70, have £100 in savings as at 31st December and must have been eligible for Life Savings Cover.
