Newry Credit Union offers its Members a range of insurance products on savings and loans, as well as Death Benefit Insurance.
Insurance on savings
Newry Credit Union, like other Credit Unions affiliated to the Irish League of Credit Unions offers its Members a unique product, at no cost to the Member.
Every pound which you save, up to the age of 55, in the event of your death is doubled (provided that you do not withdraw your savings). This applies to a maximum savings value of £10,000 and is payable to the person you have recommended on your form of nomination.
Savings made between the ages of 55 and 70 still receive an insurance premium, but the amount that is applied reduces as the Member gets older.
Please see Table C for details of the insurance rates applicable to savings.
Life Insurance on Loans
Loans under £6,000 receive free life insurance. Loans over £6,000 may still be insured for free, but a health declaration will have to be completed. All loans must be paid in full before the Member’s 80th birthday. T’s & C’s apply. Contact our office for more details.
Death Benefit Insurance
Death Benefit Insurance (DBI) is available to anyone who is in good health and who joins Newry Credit Union in advance of their 70th birthday.
What is DBI?
DBI provides £2,000 of insurance cover in the event of the death of a covered member. It is used towards funeral costs and is paid directly to the funeral undertaker. In the case of an accidental death, the insurance cover is increased to £4,000. The annual premium for the insurance is £26.74 for a single account or £53.48 for a joint account. This year Newry Credit Union paid the premium for Members who have a minimum of £400 in a single account or £800 in a joint account.
What if I don’t have enough shares?
If you wish to be part of the DBI scheme, but don’t have enough shares in your account to qualify for your premium to be paid by Newry Credit Union Limited, contact the office to discuss how you become part of the scheme. Members who wish to be part of the scheme should do this by end of December each year.