Loan protection insurance is payable on the death of the eligible member*, subject to policy terms and conditions.
The amount of the insurance is the amount of your outstanding loan balance. Cover ceases on your 85th birthday.
Total and permanent disability from any employment once medically determined is included.
Life savings insurance is payable on the death of the eligible member*, subject to policy terms and conditions. The amount of insurance will be in proportion to the amount of savings that you have during the term of your membership. It also depends on your age at the date lodgements are made to your account.
Amounts saved after your 70th birthday are not insured, however cover built up before your 70th birthday remains in force during your lifetime. Withdrawals can affect Life Savings Cover and any withdrawals are considered as last in deposits.
Death Benefit Insurance
The main purpose of the Death Benefit Insuarance (DBI)is to provide basic life cover to you, our member, and is currently free of charge.
The cover is offered as a rider (or endorsement) to the Life Savings Insurance Policy.
Insurance is underwritten by ECCU Assurance Company Limited.
This insurance cover gives your family added security and reduces your worry about the future.
Currently the level of DBI we provide is £1,500.
About ECCU Assurance Company Limited
ECCU is owned by the Irish League of Credit Unions (ILCU) under trustee arrangements.
It is the policy of ECCU to return to the movement as much as possible of its premium income. This it does by way of claims paid, claims experience refunds, and commission to the ILCU.
Since its foundation, and in conjunction with the ILCU and credit unions, ECCU has sought to widen as far as possible, the cover provided to members and to simplify policy conditions.
An eligible member is one who maintains at all times a minimum balance in their Ordinary Share Account of £5.00, is aged 16 years+ and joined Slieve Gullion Credit Union Limited before the age of 70