Magherafelt Credit Union offers its Members a range of insurance products on savings and loans, as well as Death Benefit Insurance.
Insurance on savings:
Magherafelt 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.
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 promissory note 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. Magherafelt Credit Union Limited has extend this age limit to the members 85th birthday
Death Benefit Insurance:
All eligible members of Magherafelt Credit Union Limited can be covered, at no additional cost under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of £1,000 will be paid to help with the cost of funeral expenses.
To qualify for death benefit insurance:
- You must be over 16 years of age
- Joined Magherafelt Credit Union Limited a year before 70 years of age
- Remained a member of Magherafelt Credit Union Limited
- Are or have been eligible for cover under the Life Savings Policy