At no extra cost to the member, First South Credit Union provides Life Insurance cover for all eligible members’ shares (savings).
*Please note: Only the first named in a joint account is covered for insurance purposes*
Insurance is available only on the first €5,000 in savings.
The level of Insurance decreases as a member gets older. The following is a guideline of the insurance cover available by age:
- Up to the last day of 54th year, €1 for €1
- 55th year to last day of 59th year, 75c per €1
- 60th year to last day of 64th year, 50c per €1
- 65th year to last day of 69th year, 25c per €1
Once earned, the insurance remains in force, as long as you leave your savings in the Credit Union.
A member must satisfy one of the following criteria to be eligible for cover:
- Be a Credit Union member
- Have joined the Credit Union before age 70
- the member must fall into one of the following insured classes:
1) Working member 2) Homemaker 3) Student or 4) Good Health member
Only the first named party to a Joint Account is eligible for life savings cover.