Mitchelstown Credit Union is your first stop for best value in loans, savings, and financial services.

Life Savings Insurance

Available at no added cost to the member.

Life Savings Insurance is the life assurance cover Mitchelstown Credit Union provides for its eligible members (free of charge) as an additional incentive for members to save regurarly with the credit union. The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has and benefits are payable only on death of a member (some Terms and Conditions apply).

Savings Cover Limit

All Mitchelstown Credit Union’s member shares are insured up to a maximum of €12,700.

Age Limits	% of savings covered
Up to age 55	100% insured on balance or lowest balance thereafter	i.e. you will receive an extra 100% of your savings that are in your account up to a maximum of €12,700
Age 55-60	5% insured on balance or lowest balance thereafter	i.e. you will receive an extra 75% of your savings that are in your account up to a maximum of €12,700
Age 60-65	50% insured on balance or lowest balance thereafter	i.e. you will receive an extra 50% of your savings that are in your account up to a maximum of €12,700
Age 65-70	25% insured on balance or lowest balance thereafter	i.e. you will receive an extra 25% of your savings that are in your account up to a maximum of €12,700

Effect of Withdrawals

Withdrawals have a negative impact on Life Saving Benefit as claim is based on the lowest share amount after the age of 55.
Amounts lodged after age 70 are not insured however withdrawals can effect benefits due.

Note: It is worth remembering that it makes sense to leave your savings intact especially as you get older. It can often make more sense to borrow money using your savings as security. This way you are covered twice in the event of your demise; your loan will be covered plus you will get a top up on your saving under the Life Saving Policy. The Life Saving Policy payment will depend on your savings balance at the time and when the savings were deposited to your account as specified in the Table of Benefits above.