Life Savings Insurance encourages members to save, especially while they are young. The amount of insurance benefit payable on the death of the member is based on the age of the member when the shares were lodged. Withdrawals have a negative effect on Life Savings Insurance.
• Life Savings Insurance is applied up to a maximum of £15,000 of eligible savings.
• There is no individual charge for this insurance.
• The benefit is payable only on death.
How it works
| Your age when you lodged the savings | Your savings | Insurance Cover |
| Your savings | Every £1 provides | £1 of insurance |
| 55th birthday until your 60th birthday | Every £1 provides | 75p of insurance |
| 60th birthday until your 65th birthday | Every £1 provides | 50p of insurance |
| 65th birthday until your 70th birthday | Every £1 provides | 25p of insurance |
Eligible Savings are
- those lodged before age 70
- which remain intact in your account,
- and lodged whilst you were at work or in good health.
Not eligible are savings that are
- 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- withdrawn. Savings withdrawn lose the insurance attached to them.
Loan Protection Insurance clears your eligible loan in the event of death. Members pay no individual charge.
Eligibility: On the date they took their loan, the borrowing member must have been
- Actively engaged in the usual duties of his/her livelihood, or
- If not working, in good health
When insurance ceases: The Standard Loan is not insured after age 85. The Covered by Shares Loan is not insured after age 80. The Auto Loan, Diamond Extra Loan, Green Loan, and Agri Loan are not insured after age 75.
Clarification from ECCU: In some cases, we have to seek clarification from ECCU (our insurance provider) on the insurable status of your loan before we can pay it out. If this applies to you, we will advise you when you are making your application. Because clarification can take ECCU up to one week, we would ask members to apply in a timely fashion.
Death Benefit Insurance provides up to £1,000 benefit to next of kin to help meet funeral costs. The insurance year runs from 1st January to 31st December each year. This cover is offered at the discretion of the Board of Directors. Members are notified at each year’s AGM of any changes for the year ahead.
The 2024 eligibility and levels of cover are
- Members with a share balance of £150 or more at 31st December 2023 will receive £1,000 of death benefit provided they
- joined the credit union before age 70
- were in good health or able to perform their normal occupation or duties when they joined the credit union
- were a member at the date of death.
- Members with a share balance of £149.99 or less at 31st December 2023 and who previously borrowed and repaid a total of £2,000 or more from Derry Credit Union, will receive death benefit of £500 provided the
- joined the credit union before age 70 years,
- were in good health or able to perform their normal occupation or duties when they joined the credit union, and
- were a member at the date of death
- Members with a share balance of £149.99 or less at 31st December 2023 and who have borrowed a total of less than £2,000 from Derry Credit Union will not receive any death benefit insurance.
