Waterford Credit Union

We look after our own

Waterford Credit Union

We look after our own

Insurance

We offer a range of insurance products, many of which are free!

Free Loan Protection Insurance

Loan Protection Insurance is the insurance cover that Waterford Credit Union provides on the lives of eligible members to protect their Waterford Credit Union loans.

Who is eligible?

Any credit union member is eligible for Loan Protection Insurance provided:

  • You have not reached the age of 85 at the time of your death
  • You are actively at work or able to carry out normal occupation duties at the time of your loan application

Who is covered on a Joint Account?

In the case of a joint loan, both parties are covered by Loan Protection Insurance.

What are the benefits?

Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which apply. Cover amounts will be explained at the time of your loan application. All loans balances up to €8,000 are automatically covered.

insurance waterford credit union

Free Life Savings Insurance 

 

Life Savings Insurance is a life cover which we provide to all eligible members as an additional incentive to save regularly and maintain savings. The benefit payable is in proportion to the amount of savings a member had made during their membership, prior to age 70. 

Who is eligible?

You are eligible for insurance cover if you are under the age of 70 at the time you join the credit union. 

Who is covered on a Joint Account?

In the case of joint accounts, the member whose name appears first on the account is covered. 

What are the benefits?

The benefit is dependent on the member’s age, savings balance at the date on which lodgements are made to the account. The insurance benefit payable will be in proportion to the amount of savings that a member has made during their membership. 

Amounts saved after the age of 70 are not insured. However, cover built up before the 70 remains in force thereafter. This is one of the reasons Waterford Credit Union encourages members to borrow rather than withdraw their savings. 

The maximum benefit payable by Waterford Credit Union under Life Savings Insurance is €3,000. 

Payment Protection Insurance

 

Payment Protection Insurance is an optional policy which meets your loan repayments for a specified period of time if you are forced out of work as a result of an accident, sickness, involuntary redundancy or critical illness. The cost of the insurance will depend on the size and term of your loan. Please ask any of our loan officers for full benefits and eligibility criteria.

Death Benefit Insurance

 

Death Benefit Insurance is additional to life savings and loan protection insurance and is designed to lighten the financial burden of bereavement. An annual premium is deducted from the member’s account.

No medical assessment is required to avail of this insurance. A claim on this insurance is processed on receipt of a death cert or other proof of death. 

Who is eligible?

All credit union members are eligible for this cover provided you have joined the credit union before the age of 70, or have been eligible for cover under the Life Savings policy and remain a member of the credit union. You must also have a minimum of €200 in your shares account at 30th September or an active loan with Waterford Credit Union on 30th September each year. 

Members under 20 years of age are covered free of charge. 

Who is covered on a joint account?

In the case of a joint account, the member whose name appears first on the account is covered. 

What are the benefits?

A sum of €3,250 is paid by Waterford Credit Union to provide the deceased’s family with additional support for bereavement costs.

Travel, Home & Car Insurance

 

If you are in the market for Home, Car or Travel Insurance, Waterford Credit Union in association with both Axa  Insurance and Coveru.ie can provide you with very competitive quotes. Please visit www.axa.ie | www.coveru.ie to find out all the key benefits and cover options available.

SIGN UP FOR OUR NEWSLETTER

First Name
Last Name
Email