Life Savings Insurance
Protection just when you need it!
ASTICU provides to all eligible members Life Insurance on Savings. This service is provided free to the member and is paid for by the credit union as an operating cost*. Many members do not realise just how valuable this insurance is.
“Life savings insurance is payable on the death of the eligible member, subject to policy terms and conditions. This cover is very beneficial to the member’s family at a difficult time and is an important protection cover that many members are not aware of.”
How does it work?
- A member saved €10,000 by her 55th birthday.
- She saved no more until her death, at age 74, and has withdrawn only her dividend.
- At her time of death she had €10,000 in her shares.
- Life Savings of €10,000 (100%) was payable on her shares.
- Her next-of-kin inherited €10,000 shares plus €10,000 Life Savings Insurance = €20,000.
- A member saved €4,000 by his 55th birthday.
- He saved an additional €2,000 by his 60th birthday.
- He saved an additional €2,000 by his 65th birthday.
- He saved an additional €2,000 by his 70th birthday.
- His total savings at the time of his death were €10,000.
- He earned insurance of (€4,000 x 100%) + (€2,000 x 75%) + (€2,000 x 50%) + (€2,000 x 25%) = €7,000.
- His next-of-kin received €10,000 shares + €7,000 Life Savings Insurance = €17,000.
When you join the credit union you will be asked to complete a nomination form. This form asks you to detail who you would like to receive your savings (plus any insurance) in the event of your death. Please ensure that your nomination details are up to date by calling our office at 1850 44 31 31.
*Terms & Conditions apply. Subject to eligibility.