All members between the ages of 16 and 80 – excluding those who have had a disability claim paid by ECCU – are automatically covered in respect of death for all loan balances up to €8,000. Those members not excluded by virtue of a previous claim are also covered for amounts in excess of €8,000, if at the time of the application they were “fit to follow my normal occupation or duties”.
Members not automatically covered or excluded because they are not fit to follow their normal occupation or duties will be required to complete a Declaration of Health, on receipt of this ECCU may offer complete cover or cover with some exclusions. Disability cover also applies in certain circumstances.
It is important to remember that a false declaration can lead to a subsequent claim being rejected.
Your savings are also insured up to a maximum of €12,700, the amount insured depends on the balances in your shares over the lifetime of your membership and may be reduced by any withdrawals made after the age of 55.
The premiums are paid by the Credit Union and are not charged to individual members.
The above is a summary of the cover provided under our LP/LS Insurance policy, please inquire at the Credit Union if you wish to know exactly what cover applies in your case.