INSURANCES

Loan Protection Insurance covers eligible loans at no direct cost to the member. This product clears your outstanding loan balance in the event of death subject to policy conditions.

Eligibilty

Every borrowing member is eligible for Loan Protection Insurance if they are:

• actively engaged in the usual duties of his/her livelihood on the date they receive the loan, or
• if not working, are in good health and capable of performing the usual duties of their livelihood on that date.

Insurance cover on loans ceases at age 80 for all loans. Members pay no individual charge.

Moyenir Credit Union provides Life Savings Insurance at no direct cost for its members’ eligible savings 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 were lodged.

Insurance Cover provided on savings:

Savings lodged on or after the member’s 70th birthday are not covered by insurance. Members pay no individual charge for this insurance cover.

Example

Eligibility

Eligible Savings are those that

• are lodged before age 70.
• remain intact in your account,
• and are lodged whilst you were at work or, if not working, in good health.

Not eligible are savings

• lodged after age 70 (though all savings earn the dividend approved at AGM), or
• lodged whilst not in good health, or
• withdrawn. Savings withdrawn lose the insurance attached to them.

The premium was deducted from savings of members with £100 (or more) shares at, 31 December 2020 and from savings of minors with savings of £10 or more at, 31 December 2020.

Other members/savers could avail of this insurance by payment of the premium in the office before 31 December 2020.

If an insurable member did not wish to avail of the Death Benefit Insurance the deductions from shares/ savings were made provided they had notified the secretary of the Credit Union in writing to this effect prior to 31 December 2020.

There were no separate provision for members who had borrowed