Insurance

We offer a range of insurance products, many of which are free! Find out more below...

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Free Loan Protection Insurance

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.

Free Life Savings Insurance

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

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

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. Members will be contacted each year by email or post and informed of the premium. They will also have the option to OPT OUT of the DBI Scheme at any stage but, once a member has OPTED OUT they cannot rejoin the scheme at a later date. 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.

 

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.

 

Waterford Death Benefit Scheme Key Facts

INTRODUCTION

This death benefit Scheme is made available by Waterford Credit Union Limited to help address certain protection needs for members.

The Credit Union does not offer advice and therefore you should satisfy yourself that this Scheme is right for you.

Please refer to the Definitions on the next page to help you understand the meaning of terms used in this document.

 

DESCRIPTION OF THE SCHEME

The main purpose of the Scheme is to provide a Benefit to Eligible members in the event of their death.

The Benefit in the Scheme period from 1st January 2020 to 31st December 2020 is €3,250. The Benefit may be varied at a subsequent renewal date and any proposed amendment to the Scheme Benefit at a renewal date will be communicated in advance to members of the Scheme.

 

WHO IS THE POLICYHOLDER?

The Credit Union is the policyholder of the Scheme and is permitted under the terms of the policy to allow its Eligible Members to participate in the Scheme.

 

WHO IS THE INSURER?

The Scheme is currently underwritten by ECCU Assurance DAC (“ECCU”). ECCU is the credit union movement’s own Life Assurance Company. ECCU Assurance DAC is regulated by the Central Bank of Ireland.

 

HOW DOES THE SCHEME OPERATE?

The Scheme runs from 1st January to 31st December each year subject to its ongoing renewal. The Benefit is only guaranteed on a year by year basis, if the Scheme is renewed.

Our policy of insurance will be renewed by our Insurer, if in its opinion, the Scheme is sustainable for the following year. However if our Insurer determines that the Scheme is not sustainable the Credit Union’s insurance Cover will not be renewed.

Please Note: Renewal of Cover for the Scheme for the following year is Not Guaranteed and is at the discretion of the Insurer.

Your participation in the Scheme automatically renews on an annual basis, provided the Scheme is renewed. Alternatively you can stop paying for this Benefit and leave the Scheme from next renewal, by providing a written cancellation instruction to Waterford Credit Union. The Scheme does not provide a cash value other than on death.

 

WHO PAYS FOR THE BENEFIT & CAN THE COST CHANGE?

Your Credit Union pays a premium to the Insurer for the cost of Cover under its group risk policy. We will then deduct the appropriate amount from your credit union account on an annual basis to cover your cost for the Benefit being provided to you under the Scheme. Annual deductions will be made from your credit union account each year entitling you to be a member of the Scheme for the period 1st January to 31st December of that year.

At the end of a twelve month Scheme period (ending at 31st Dec annually), the Insurer may opt to renew or not to renew the Credit Unions insurance Cover for the following year.

The Scheme costs and Benefits may vary on a year to year basis. Any proposed amendments to the Scheme at a renewal date, to apply for the following year, will be communicated in advance by the Credit Union to members of the Scheme.

Please note: Your annual deduction in any year entitles you to be a member of the Scheme for that year only.

The annual cost of the Scheme will depend on the Benefit level and the age profile of the Scheme members for that year. As members may leave the Scheme at any time, the age profile of the Scheme may change and result in significant increases in the premium charged in any Scheme renewal. These increases will be reflected in your annual amount payable.

Waterford Credit Union Limited is regulated by the Central Bank of Ireland. Registration No. 145CU. Ver.07.2019

You should ensure that you maintain a sufficient balance of available funds in your credit union account in order to meet the cost of your Benefit under the Scheme and your ongoing membership of the credit union.

 

WHO IS ELIGIBLE TO JOIN THE SCHEME

You are eligible to join the Scheme if at the date of your application to join;

(a) You are a member of the Credit Union aged between 16 and 64, and

(b) You are in good health, and

(c) You have completed and returned a Scheme application form before commencement of the new Scheme year.

Once you join the Scheme and pay the necessary annual amount you will continue to be a member of the Scheme until the earlier of:

 You inform us that you wish to opt out of the Scheme from the next renewal date, or

 The available balance held in your credit union account is insufficient to meet the annual cost of maintaining your membership of the Scheme, or

 You cease to be a member of Waterford Credit Union, or

 Waterford Credit Union decides not to, or is unable to, renew the Scheme at a renewal date and the Scheme is therefore discontinued from that date.

 

SIGNIFICANT EXCLUSIONS & LIMITATIONS

No Benefit is payable if;

a) You misstated your age and your correct age at the time you applied to join the Scheme exceeded 64 and therefore you were not eligible to join the Scheme, or

b) You were not in good health when you joined the Scheme, or

c) You cease to be a member of the Scheme for any of the reasons stated at the above heading WHO IS ELIGIBLE TO JOIN THE SCHEME.

 

CLAIMING THE BENEFIT

This Scheme is arranged by your Credit Union under its insurance Cover and any death covered under the Scheme should be notified to us. The Benefit will be paid by our Insurer to us for payment to the deceased member’s credit union account.

 

DEFINITIONS:

The following words have the following meanings: Benefit

A fixed amount of money paid by the Scheme on the death of an Eligible Member.

Cover

Protection provided by Waterford Credit Unions policy of insurance.

Credit Union

Waterford Credit Union Limited

Eligible Member

A member that meets the Scheme’s eligibility criteria.

Insurer

ECCU Assurance DAC, the Credit Union Movement’s life assurance company.

Scheme

The name given to the member death benefit service provided by Waterford Credit Union Limited to its Eligible Members.

 

SCHEME PRIVACY NOTICE

Our Credit Union is committed to protecting the privacy and security of your personal information. Please refer to our privacy notice on our website.

Travel Home & Car Insurance

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 the websites below to find out all the key benefits and cover options available.