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Tel: 028 71 266738 Email: info@derrycu.com

Services Insurance
Derry Credit Union Limited offers three kinds of insurance to members: Life Savings Insurance, Loan Protection Insurance and Death Benefit Insurance.  Each of these is provided at no direct cost to the Member.

Life Savings Insurance

Derry Credit Union provides Life Savings Insurance at no direct cost for its membersí 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:

AgeSavingsInsurance Cover
Under 55Every £1 provides£1 of insurance
55 - 59Every £1 provides75p of insurance
60 - 64Every £1 provides50p of insurance
65 - 69Every £1 provides25p of insurance
Savings lodged on or after the memberís 70th birthday are not covered by insurance, Members pay no individual charge.

Example:

AgeInsuranceTotal
£100 saved under55+£100+£200
£100 saved between55 - 59+£75+£175
£100 saved between60 - 64+£50+£150
£100 saved between65 - 70+£25+£125

Eligibility

Eligible Savings are those that

  • are lodged before age 70 up to a maximum of £15,000,
  • remain intact in your account, and
  • are lodged whilst you were at work or, if not working, in good health.

Loan Protection Insurance

Loan Protection Insurance is provided to members at no direct cost to them.  This product clears your outstanding loan balance in the event of death subject to policy conditions.  In the event of your death, E.C.C.U. (the credit union insurance company) will clear your loan balance -- it will not have to be paid off from your savings or by your family!

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, that they are in good health and capable of performing the usual duties of their livelihood on that date.
Insurance cover on loans ceases at age 85 for Standard Credit Union loans and at age 80 for PLuSS Loans. Members pay no individual charge.

Death Benefit Insurance

The cover

Death Benefit Insurance (DBI) provides a one-off payment of £1,000 to the next of kin to help meet bereavement expenses on the death of a qualifying credit union member.  Insurance cover runs from 1st of January to 31st of December.  As from 10 November 2014 (the date of our 2014 AGM), it is no longer a member pay product.  Rather, eligible members will be covered by DBI at no direct cost to them.

Eligibility

To be eligible, a member is required to:

1.   Join the credit union before age 70.

     a.  There is no upper age limit

     b.  A member joining the credit union after age 70 years will not be eligible for cover.

2.   Be or have been eligible for cover under the Life Savings contract and have remained a member of the credit union.



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  • Derry Credit Union
  • Tel: 028 71 266738
  • Fax: 028 71 372144
  • Email: info@derrycu.com
  • Web: http://www.derrycu.com
Derry Credit Union LImited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 574104)