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Information Q and As

What is Loan Protection at Dungarvan Credit Union

This is the cover the Credit Union provides for its borrowing members. To avail of this cover, members must be insurable when the loan issues. Members are asked to sign a declaration which forms part of the application documentation confirming they are fit to carry out their normal duties. It is important that members advise the Credit Union, prior to taking out a loan, of anything that may impact on insurance cover. If any member is concerned about their eligibility for cover, we would encourage dialogue at loan application stage. When a claim is made and cover is in place, the loan is cleared in full in the event of death. Eligible members are now covered up to their 85th birthday. This is payable on the death of the eligible member  subject to policy terms and conditions


What is Life Savings Insurance?


The insurance benefit payable is in proportion to the amount of savings that a member has accumulated during the term of their membership. The benefit is also dependent on the members age at the date lodgements are made to the account and their state of health.
Subject to a maximum benefit of €7,700, every €1 saved before the age of 55 provides €1 of insurance. However once over the age of 55, each €1 saved provides the following benefit:

  • €1 saved between the ages 55-60 provides €0.75 insurance
  • €1 saved between the ages 60-65 provides €0.50 insurance
  • €1 saved between the ages 65-70 provides €0.25 insurance.
Amounts saved after a members 70th birthday are not insured. However, cover built up before their 70th birthday remains in force. Withdrawals do impact on the level of insurance cover.



What is a Covered Loan?

The definition of a Covered Loan : Less than or equal to Shares. You borrow to the value of your Share
 There is a Preferential Loan Interest Rate of 6% - APR 6.17%. FREE Loan Protection Insurance, that is subject to terms and conditions. The Credit Union Member retains Life Savings Insurance as their shares are not withdrawn and remain as collateral until the loan is fully repaid. It is generally accepted that people will repay a Loan regularly, we are not so disciplined when it comes to saving. With a Covered Loan, you still have your Savings when the Loan is cleared and you can add to same whilst repaying.



What is meant by Nominating Property at Dungarvan Credit Union?

  •  Its the process by which a member nominates a person(s) to receive some or all of their credit union property upon death. Any clearly identified person can be a nominee. It does not necessarily have to be next of kin or a member of the credit union.
  • Where only one person is nominated, that person will be the sole beneficiary of your credit union property subject to the maximum permitted by law (currently €23,000) with the balance, if any, reverting to your estate.
  • Nominations can cover savings and insurances with the exception of Death Benefit Insurance if applicable.
  • Not possible to complete a nomination on a joint account
  • The nomination will supersede your will and is not revocable or variable by your will or any codicil to it.
  • Your marriage after completing a nomination automatically revokes that nomination, you should complete a new nomination at that time.
  • Completion of a new nomination revokes all previous nominations.

 

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  • Dungarvan Credit Union
  • Tel: 058 44088 / 44094
  • Fax: 058 48188
  • Email: info@dungarvancu.ie
  • Web: http://www.dungarvancu.ie
Dungarvan Credit Union Ltd is Regulated by the Central Bank of Ireland. Reg No. 63CU