Dromara & Drumgooland Credit Union offers all eligible members insurance services.
Loan Protection Insurance
When members take a loan they may be required to complete an additional ECCU form in order to ensure their loan is insured. Loans below £3000.00 are automatically covered with insurance and members will not need to complete the ECCU form. Members with outstanding loans are covered to the age of 80, and members who suffer permanent disability are covered until the age of 60. In the event of serious injury, illness or death, insured members will have their loans repaid in full.
Death Benefit Insurance
In the event of a members death there will be a cheque issued for the sum of £1500 for funeral expenses. This cheque will be made payable to the Funeral Directors.
To qualify for the above insurances you must join before your 69th birthday, keep a minimum balance of £100 in your shares for 1 year and maintain it thereafter.
Life Savings Insurance
This is the cover the credit union takes out for all eligible members as an additional incentive to save regularly and maintain savings.
Maximum insurance cover is £10,000.00
Every £1 saved before 55 = £1 cover
£1 saved during 55 – 59 = 75p cover
£1 saved during 60 – 64 = 50p cover
£1 saved during 65 – 69 = 25p cover
No insurance is payable on amounts saved after your 70th birthday.
On joining the Credit Union you will nominate who you would like to leave your money to in the event of your death. Any savings you have will be paid to your nominee by cheque along with any monies paid out by the insurance company.
ALL OF THE ABOVE ARE PROVIDED BY YOUR CREDIT UNION, ALL CLAIMS ARE SUBJECT TO THE TERMS AND CONDITIONS OF ECCU INSURANCE.