Loan Protection Insurance

Loan Protection Insurance is the insurance cover the Credit Union provides on the lives of its borrowing members.

Should an insured borrower die, the insurance cover provides that the loan is repaid in full. If a member who is eligible for insurance cover and has signed the credit agreement dies with a loan outstanding, the loan balance is paid in full by the insurer.

You will be informed at the time of the loan application if your loan exceeds the amount covered by the credit unions policy. Under the basic policy death cover ceases on the members 70th birthday. The credit union has the option of extending this age limit to the members 85th birthday.

The credit union's Insurance Officer Christine Costello is available to deal with any queries by Next of Kin or Nominees of deceased members.

*Subject to terms & conditions. Contact Donore Credit Union at info@donorecu.ie or 01 453 6686 for full details. 

Life Savings Insurance

Free Life Savings Cover on savings up to €5,000 (subject to terms and conditions)*

The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has, and depends on the members age at date of lodgement.

Subject to a maximum benefit set by the Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:

• €1 saved between ages 55-59 provides €0.75 insurance
• €1 saved between ages 60-64 provides €0.50 insurance
• €1 saved between ages 65-69 provides €0.25 insurance

No insurance is payable on amounts saved after your 70th Birthday.

Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.

A member is eligible for the insurance cover carried by the credit union, if when they begin saving they are:

• Under the age of 70
• Actively at work, or if not working, in good health

Christine Costello, the credit union's Insurance Officer is available to answer queries from representatives on behalf of deceased members. Persons making a claim on behalf of a deceased member must provide the following information:

• Original Death Certificate or certified copy of same;
• Proof of their own identity.

*Subject to terms & conditions. Contact Donore Credit Union at info@donorecu.ie or 01 453 6686 for full details. 

Death Benefit Insurance

All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance (DBI) Policy. This means in the event of your death, a lump sum of €1,300 will be paid out to help with the cost of funeral expenses, thereby easing the financial burden of bereavement.The insurance is usually paid to the Funeral Director directly on production of their bill marked as paid.

In order to avail of a DBI on behalf of a deceased member, the person claiming must produce the following:

• An original Death Cert or certified copy of same;
• A bill from the funeral Director - marked as paid;
• A copy of their own photo ID as proof of identity.

Nobody enjoys talking or even thinking about their own mortality. However the simple fact is funerals are now extremely expensive and very few people realise the impact funeral bills can have on the lives of loved ones left behind. While Death Benefit Insurance will not ease bereavement but it will go a long way towards easing the financial burden a member's death may place upon your family.

In order to qualify for death benefit insurance, a member must have joined before their 70th birthday and have a minimum of €500 in their account. * Subject to change.

The credit unions' Insurance Officer Christine Costello typically deals with all such queries.

In the event of a death of a member, the family of the deceased member can notify the Credit Union by giving us a call at 01 453 6686.

*Subject to terms & conditions. Contact Donore Credit Union at info@donorecu.ie or 01 453 6686 for full details. 

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Nominations

As a member of Donore Credit Union, it is important to make sure your nomination is up to date.

A nomination is unique to Credit Unions and allows you to choose who should receive the funds in your Credit Union account, up to €27,000*, in the event of your passing. This can help ensure that the funds are transferred directly to your chosen nominee without having to go through the probate process.

Your nominee can be a family member, friend, partner, or more than one person.

Making or updating a nomination is straightforward. Members must be over 16 years of age to complete a Nomination Form, and the form must be signed and witnessed by two people. If you joined Donore Credit Union as a child, you may not have completed a Nomination Form at the time. Once you turn 16, it is a good idea to put one in place.

A nomination can be changed at any time, which means it can be updated to reflect important life events such as marriage, divorce, or the passing of a nominee.

It is also important to note that a nomination is automatically revoked if you get married. If your nominee passes away before you, the nomination is also automatically revoked, so a new nomination should be considered.

If you would like to check, update, or complete your nomination, please contact Donore Credit Union by email at info@donorecu.ie, phone 01 453 6686, or visit the office, where the team will be happy to help.

Further information about nominations is available on the Irish League of Credit Unions website:
https://www.creditunion.ie/what-we-offer/savings/nomination-of-your-account/

*Subject to terms & conditions. Contact Donore Credit Union at info@donorecu.ie or 01 453 6686 for full details. 

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