Life Savings Insurance
Ballyhackamore Credit Union Limited provides free Life Savings Insurance for its eligible members as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is based on the age of the member at the time the savings was lodged and not the age on death.
The first £15,000 of eligible members’ savings is insured as follows:
| Age | Savings | Insurance Cover |
| Under 55 | Every £1.00 provides | £1.00 of insurance |
| 55-59 | Every £1.00 provides | £0.75 of insurance |
| 60-64 | Every £1.00 provides | £0.50 of insurance |
| 65-69 | Every £1.00 provides | £0.25 of insurance |
Shares saved up to 70 years of age while left in the credit union provide cover to any age Savings lodged on or after 70th birthday are not covered by insurance |
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Here is an example of the insurance that will be paid to a member of Ballyhackamore Credit Union in the event of their death provided they do not withdraw any shares.
| Age / Amount of Shares | Insurance | Total |
| £100 saved under 55 | +£100.00 | +£200.00 |
| £100 saved between 55-59 | +£75.00 | +£175.00 |
| £100 saved between 60-64 | +£50.00 | +£150.00 |
| £100 saved between 65-70 | +£25.00 | +£125.00 |
| Total Payable | £650.00 |
It is important that each member complete a nomination form indicating who is eligible to receive this insurance. The nomination covers the first £10,000 of the members Death Benefit Insurance and Life Savings Insurance. The remainder is subject to Letters of Administration or Grant of Probate.