Insurance Cover
Protect what matters most with our comprehensive insurance products—reliable coverage at no extra cost!
Life Savings Insurance
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*
- Savings lodged after the age of 70 does not benefit from any insurance cover.
*Please note that any withdrawals of savings after age 55 can reduce the life savings benefit.
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. The premium for this insurance is paid by the credit union and there is no extra cost to the member.
Loan Protection Insurance
The credit union also provides at no extra cost 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. Again, a Declaration of Health form may be required. Loan Protection Insurance cover ceases at age 85
Death Benefit Insurance
In addition to Life Savings Insurance and Loan Protection Insurance cover, Beragh Credit Union also provides Death Benefit Insurance for all eligible members. Beragh Credit Union charge members for this insurance. In the event of the death of a member, a payment of an additional £2000.00 is made to the family of the deceased member to help to defray funeral expenses. To be eligible for this insurance, a member must have joined the credit union before the age of 70 and must have been eligible for Life Savings Insurance.
A Shares
Beragh Credit Union now offers its members an additional savings facility known as an A Shares Account. This account is in addition to a member’s share and loan activity with members being able to save for specific purposes such as regular bills. Loans are not granted on the A Shares Accounts with the member having immediate access to monies as it is not pledged against a loan. It is very simple to set up an A Shares Account just request to open the account with staff at the counter. The A Shares account gives members the choice of saving for annual holidays, Christmas, annual bills such as household rates, university or college fees – the list is endless. Further information on A Shares Accounts can be discussed with credit union staff who will be only too glad to answer any questions.
