Did you know…your loan dies with you…. and your shares are insured?

At the time of joining the Credit Union the new member is asked to nominate a beneficiary on the application form. The person nominated will benefit from the member’s shares at the time of death. It is therefore important for members to update this form to ensure that it reflects any change in his/her status. In circumstances where the nominated beneficiary pre-deceases the Credit Union member another beneficiary should be nominated. The original nomination becomes invalid once the Credit Union member gets married, it is important that the member updates the nomination after they marry.

• Members can nominate a person/persons to receive their Credit Union shares and insurance benefits (if any) on death
• The person/persons nominated can receive the funds without any problems and there is no need for probate
• There is a new maximim limit of €23,000 that can now be passed to a nominee in this way. The balance if any goes into the estate
• Savings are insured up to a maximum of €13,000

The following is the insurance paid on shares saved and the age scale:

If a member withdraws shares over the age of 55yrs the balance at 55 for insurance purposes will be effected.

*Savings are insured up to a maximum of €13,000

An extra insurance has been introduced, the Death Benefit Insurance, for €10 per year the amount is €3,000 and is also paid to the Nominee