We provide life insurance cover on the savings of all eligible members as an additional incentive for them to save regularly and maintain their savings with the credit union.

Upon the death of a member a benefit is calculated and added to their existing credit union savings. The amount payable depends on the member’s age and savings record with the credit union. This insurance is provided at no direct cost to the member as the premium is paid by the credit union as an operational expense.

At the time of saving the member must be actively at work or if not working must be in good health. Once earned, your insurance remains in force as long as you leave your savings in your credit union.

Terms and conditions apply, for more information please contact us.

We maintain a Loan Protection insurance policy, which activates on the death of an eligible member to repay outstanding loans.

In the event of death any borrowing, which the member may have with the credit union, is cleared in full subject to certain limits and conditions which may apply.

This means that you can borrow from LKCU in full confidence that your dependents will not be obliged to repay your loans in the event of your death.

• Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.
• There is no charge to members for this insurance cover.
• Insurance cover ceases at the members 85th birthday.

Terms and conditions apply, for more information please contact us.

No one likes to think about death, be it your own or that of a loved one, but the simple fact is a bereavement can result in very significant expense and financial worries for loved ones, at a difficult time. Letterkenny Credit Union cares about its members and their families, and with this in mind we provide a unique benefit for being a member of the Credit Union. This benefit is called Death Benefit Insurance (DBI) and is provided, subject to terms and conditions of cover, to help pay for expenses. This means in the event of your death, a lump sum of €1,950 could be paid towards your funeral expenses (on foot of vouched funeral expenses), this service will help ease the financial burden of your bereavement on your next of kin.

There are some terms and conditions to meet for inclusion. To qualify for DBI the following must apply:

• You must have joined Letterkenny Credit Union before your 70th birthday whilst in good health and regularly carrying out the normal duties of your occupation or duties (Homemaker or Student),
• You must continue to be a member of Letterkenny Credit Union and maintain the minimum amount of savings in your account. Currently you must have a minimum of €10 in shares on date of death.

Once you are included for DBI you will continue to be insured as long as you remain a member of the credit union and maintain the required minimum share in your account. This will be the case even if your health worsens as long as your credit union keeps the benefit in place and pays the insurance premium*.

Note the lump sum payable and amount of savings required in your account can change from year to year, so please check with your credit union.

*Please note Letterkenny Credit Union reserves the right to alter or cancel the Death Benefit Insurance Scheme at any time.

Terms and conditions apply, for more information please contact us.