Life Savings Insurance
Life Savings Insurance is the free life insurance cover MPCC Credit Union provides for its eligible members as an additional incentive for them to save regularly. Depending on you age and the amount that you have saved with the credit union, Life Savings Insurance could provide your dependents with the following:
Subject to a maximum benefit set by the Credit Union, every €1 you save:
|before the age of||55||€1 of insurance|
|Between the ages||55-59 Inc||€0.75 insurance|
|Between the ages||60-64 Inc||€0.50 insurance|
|Between the ages||65-69 Inc||€0.25 insurance|
|70 +||No Insurance Cover|
You are 54 years of age with €5000 saved in your account. Should you die at this age then an insurance benefit of €5000 will be added to your savings
Once earned, your insurance remains in force as long as you leave your savings in the Credit Union. Withdrawals will affect the amount payable on death.
To be eligible for Life Savings Insurance
- Members must have joined before age 70
- Be able to perform the normal duties of their occupation or be in good health
- Remain a member of the Credit Union
- No insurance is payable on amounts saved after your 70th Birthday.
- The maximum benefit under the Life Savings Insurance that is paid out by MPCC Credit Union is currently €7,700
- The Life Savings Insurance premium is paid for by MPCC Credit Union.
- On joint accounts, life savings insurance only applies to the first named member on the account.
* Terms and Conditions Apply