Credit Union - Life savings insurance

Aidanmc

I've had a Credit Union account for over 30 years. I used the account when i was younger for savings and loans, but haven't used the account for some years now.

I have a small balance there about £100.

Was thinking of closing it completely, but wondering about the life savings insurance.

I don't really understand the life savings insurance that is provided by a credit union affiliated to the Irish League of Credit Unions?

eskbanker

Which credit union is it and what do they say about this product/feature in documentation published online or issued to you previously?

Aidanmc

Have since found out a little info, may still be worth keeping the account open

Aidanmc

JamesRobinson48 said:

If it's like the corresponding CU savings insurance policies on the GB mainland, AIUI, typically cover appears to be limited to a small maximum £, and in any event to an amount not exceeding the member's savings balance at the time of death, i.e. about £100 in your case. If so, not much of an incentive to keep an account open. Of course, Ireland might be completely different.

Yeah, if that was the case i'd probably just close it.

Probably best to ask them.

Aidanmc

eskbanker said:

Which credit union is it and what do they say about this product/feature in documentation published online or issued to you previously?

Its a Credit union in NI, 

Its provided with the account, but i cant find any info about how the payment would be calculated.

https://www.creditunion.ie/what-we-offer/insurance/life-saving/

Digital_Payback

Upon death I think each CU pays out an additional percentage of your savings, depending on the time you’ve had the account with them and the amount in the account at the time of death. 

But you might also want to consider that some, if not all C.Unions in Ireland, may also have a separate death benefit insurance as well.
See attachment below from B’castle C.U.:

Aidanmc

Digital_Payback said:

Upon death I think each CU pays out an additional percentage of your savings, depending on the time you’ve had the account with them and the amount in the account at the time of death. 

But you might also want to consider that some, if not all C.Unions in Ireland, may also have a separate death benefit insurance as well.
See attachment below from B’castle C.U.:

The particular credit union i'm a member of doesn't provide free death benefit insurance, but can provide it for £21 per year.

Regarding the life savings cover i found this document from my credit union 

Digital_Payback

That life savings cover seems fairly standard for a C.U. 
A pity yours hasn’t the free death benefit cover though.