Join UsLife Benefit
Insurance
Life Benefit Insurance
When you save with us, our Life Benefit Insurance scheme provides assurance that your nominated contact will have access to your funds in the event of your death, up to a maximum of €10,000. The scheme is free to all qualifying members, (terms and conditions apply).
You can email related queries to our dedicated team. If you’re not a member, you can join in just 3 minutes, click here find out more
Features
- Simply maintain €5 in shares to qualify for insurance
- Calculated via the Age of Death programme
- Free to qualifying members who have joined CLCU before turning 71 (terms and conditions apply)
- Benefits range from a minimum payout of €1,300 to a maximum payout of €10,000, subject to terms and conditions
- The maximum amount insured is €10,000
Life Benefit Insurance Details
- Members must hold €5 in their account to qualify.
- Members must join CLCU before their 71st birthday.
- Life Benefit Insurance benefits from €1,300 up to €10,000
- Benefits are calculated based on the balance in the member’s share account at the time of their death.
The calculations are as follows:
Ages 6 months – 54: €1 for every €1 saved — up to €10,000
Ages 55 – 59: 75c for every €1 saved — up to €7,500
Ages 60 – 64: 50c for every €1 saved — up to €5,000
Ages 65+: 25c for every €1 saved — up to €2,500
Note: The minimum payment is €1,300, irrespective of age at death.
Calculations:
|
Age Category |
Benefit | Minimum Payout | €10,000 or more in the account | Up to €7500 in the account | Up to €5000 in the account |
| 0-6 months | 0% | N/A | N/A | N/A | N/A |
| 6 mths – 54 Years | 100% | €1,300 | €10,000 | up to €7500 | up to €5000 |
| 55 – 59 years | 75% | €1,300 | €7500 | up to €5625 | up to €3750 |
| 60 – 64 years | 50% | €1,300 | €5000 | up to €3750 | up to €2500 |
| 65 years + | 25% | €1,300 | €2500 | up to €1875 | €1300 |
The amount payable depends on the number of shares you hold – €1 equals one share. Terms and Conditions apply.
Example:
- 44 years old with €8,000 in your account – you will be eligible for €8,000 (100%).
- 44 years old with €20,000 in your account – you will be eligible for €10,000 (100% – max payment of €10,000).
- 58 years old with €8,000 in your account – you will be eligible for €6,000 (75%).
- 62 years old with €8,000 in your account – you will be eligible for €4,000 (50%).
- 68 years old with €8,000 in your account – you will be eligible for €2,000 (25%).
CLCU