Longford Credit Union Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member.
"Member pay" Services:
Coveru.ie is a new suite of insurance services brought to you by credit unions and AIG. Coveru.ie offers great value to credit union members on home, car and travel insurances.
The insurance cover currently provided for by Longford Credit Union in respect of eligible members are:
- Loan Protection
- Life Savings Insurance
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There are many good reasons for taking a loan out with Longford Credit Union and one of them is the free loan protection cover that comes with loans. This cover is designed to repay an eligible member’s loans in the event of death. This means you can borrow with the comfort of knowing that, subject to certain terms and conditions, your estate will not be left with the burden of a loan to be repaid. This is one of the many great benefits of being a member of Longford Credit Union.
- Automatic cover up to €8,000 regardless of health
- Amounts in excess of €8,000 are covered subject to the terms and conditions of the policy. A member declaration is required, this will be fully explained at the time of loan application.
- The maximum coverage for members over the age of 70 is €40,000
- Insurance cover ceases at the member’s 85th birthday
The outstanding loan of a member who suffers total and permanent disability for any occupation before his/her 65th birthday is also repaid.
- The insurance benefit payable is the amount of the member’s outstanding loan balance
- Cover ceases on the member’s 85th birthday
- The cover extends to include total and permanent disability from any occupation. In the event of the member becoming totally and permanently disabled for any occupation then the benefit will be paid
- The total and permanent disability must be medically determined
- The total and permanent disability must commence before the 65th birthday
Longford Credit Union maintains an insurance policy called the Life Savings and Loan Protection Policy (LP/PS), which activates on the death of an eligible member to increase the value of their savings which can be returned to the members estate or family and to clear outstanding loans.
There is no charge to members for this insurance cover.
Features of the savings cover are outlined below.
The amounts which are paid out under the policy depends on a number of factors, including:
- Their age when the member joined the credit union
- Their savings on their 55th birthday and at five yearly intervals up to their 70th birthday
- The movement on their account following their 55th birthday until date of death
- Their state of health throughout this period
- New savings after 70th birthday are not covered
- Cover is currently to a maximum of €7,700
- Withdrawal of savings at any time after 55th birthday below the maximum level of cover will reduce coverage
- Regardless of poor health at date of lodging, savings are covered to a maximum of €8,000
We have extended cover to include the “Accidental, Death and Dismemberment” Rider. Under this extension the amount of the Life Savings claim is doubled if the member dies as the result of an accident. Also if the member looses a limb or sight as the result of an accident then a benefit may be paid to member. The amount of the benefit is based on the savings that the member makes during the term of membership and the age that lodgments are made.
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.