Insurance
Our Insurance Products
Find the Insurance for you
Knockninny Credit Union offers various protection insurances to include a Loan Protection Insurance and Life Savings Insurance.
Loan Protection Insurance
Loan Protection Insurance covers eligible loans at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death. Loans under £8,000 receive Loan Protection Insurance providing the member is active in work or is in good health when the loan is granted. Loans over £8,000 may still be insured, but a health declaration will have to be completed.
All loans must be paid in full before the Member’s 85th birthday.
Life Savings Insurance
Knockninny Credit Union, like other Credit Unions affiliated to the Irish League of Credit Unions, offers its Members a unique product, at no cost to the Member. Every pound which you save, up to the age of 55, in the event of your death is doubled (provided that you do not withdraw your savings). This applies to a maximum savings value of £15,000 and is payable to the person you have named on your nomination form.
Savings made between the ages of 55 and 70 still receive an insurance premium, but the amount that is applied reduces as the Member gets older.
Savings lodged on or after the member’s 70th birthday is not covered by insurance.
Death Benefit Insurance
Death Benefit Insurance (DBI) is available to anyone who is in good health and who joins Knockninny Credit Union before their 70th birthday. DBI is only payable if the member has death so we strongly recommend that the member maintains a savings balance of £100.
DBI provides £2,000 of insurance cover to help reduce funeral costs of our members. The annual premium for the insurance this year is £19.46. This year Knockninny Credit Union paid the premium for Members as an operational expense.
What if I don’t have enough in savings? If you wish to be covered under the DBI scheme, but don’t meet the qualifying criteria, you can still participate by paying the annual premium of £19.46. Ask any staff member for more information.
