Additional Services
Insurance Benefits
Protection and reassurance through Member-focused insurance supports.
Insurance-related Benefits For Members
Phoenix Credit Union supports Members with insurance-related benefits and access to cover options designed to provide reassurance at important moments in life. Subject to eligibility and policy terms, these supports may help protect savings, loans and families against unexpected events.
Life
Benefit
Life Benefit Insurance
Life Benefit Insurance is the life insurance cover your credit union takes out for all eligible Members as an additional incentive to save regularly and maintain savings with the credit union. There is no additional direct cost to you, the Member.
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Members must join before 71st birthday
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Members must have minimum €380 in shares
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All Members get minimum €2,600 insurance
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Cover up to €20,000
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Based on balance at date of death
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Lodgements made after 70 are insured
- 0–6 months — 25% of insured balance
- 6 months–54 years — 100% of insured balance
- 55–59 years — 75% of insured balance
- 60–64 years — 50% of insured balance
- 65 years+ — 25% of insured balance
Mr Smith dies aged 59, with €5,000 in savings. He is entitled to 75% of €5,000 = €3,750.
Loan
Protection
Loan Protection Insurance
Loan Protection Insurance is the insurance cover the credit union provides on the lives of its borrowing Members. This is a free service provided by Phoenix Credit Union to Members which means that in the event of death, your loan will be cleared under the below conditions.
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Up to age 70
Max cover of €100,000 -
From age 70 to 85
Max cover of €40,000 -
Over age 85
No cover -
Joint Accounts
Both Members fully covered to the above limits -
Written off loans covered to the above limits
If you die within 6 months of the date of your loan due to a pre-existing medical condition, your loan may not be covered by the credit union’s policy, in which case your savings, plus any insurance benefit due on these savings, may then be used as security against the value of your outstanding loan.
Mr Smith dies aged 59, with an outstanding loan balance of €25,000. As the outstanding loan balance is below the coverage limit (€100,000), a benefit of €25,000 will be paid.
Accidental
Death
Accidental Death & Dismemberment
Benefit Matrix
This benefit provides Members with an additional lump sum benefit if they die or are dismembered as a result of an accident. The age range is 16 years through to 69 years and the benefit is based on the Life Benefit Insurance benefit amount payable.
This is a free service provided by Phoenix Credit Union to Members.
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Accidental Death
100% -
Loss of both hands / feet or sight in both eyes
100% -
Loss of one hand and one foot
100% -
Loss of one hand and sight in one eye
100% -
Loss of one foot and sight in one eye
100% -
Loss of one hand or one foot
50% -
Loss of sight in one eye
50%