Farranree Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the Credit Union. The insurance cover currently provided for by Farranree Credit Union Limited in respect of eligible members is:
- Loan Protection
- Life Savings Insurance
- Death Benefit Insurance
The "member pay" services currently available are:
- Travel Insurance - get a competitive quote through CoverU.ie
- Home Insurance - get a competitive quote through CoverU.ie
- Car Insurance - get a competitive quote through CoverU.ie
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One of the attractions of a loan with Farranree Credit Union is the built in Loan Protection Insurance. It repays the balance the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties and ceases on a members 85th birthday.
What is Loan Protection Insurance?
In Farranree Credit Union, the outstanding loan balances of eligible members are insured at no direct cost to the member. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
Life Savings Insurance is the life insurance cover provided to Farranree Credit Union members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.
The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement.
Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.
In addition to Loan Protection/Life Savings Insurance we offer members an additional Death Benefit Insurance designed to relieve the burden of bereavement costs. Members must hold a minimum savings balance of €200 to avail of DBI Insurance. DBI Cover is currently €1,950 and is provided at no direct cost to the member.
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.
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