Life Savings Insurance

Life Savings Insurance is the life insurance cover provided to The Rosses Credit Union Limited members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

The amount of insurance benefit to which a member is entitled is in proportion to the amount of savings the member has made during the term of membership, and depends on the member’s age at date of lodgement. See below:

• Up to 55th Birthday - 100% insured on balance or lowest balance thereafter
• 55 - 60th Birthday - 75% insured on balance or lowest balance thereafter
• 60 - 65th Birthday - 50% insured on balance or lowest balance thereafter
• 65 - 70th Birthday - 25% insured on balance or lowest balance thereafter

Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.