Share & Loan Insurance
LP/LS Insurance Cover
Prison Service Credit Union automatically cover your loan and shares in the event of your demise. This cover is provided to all members at not additional direct cost to members.
Shares are covered up to a maximum of €25,000 (terms & conditions apply)
Loans are insured up to a maximum of €75,000 (terms & conditions apply)
One of the reasons we encourage members to save and leave their in shares untouched, is to take full advantage of our insurance cover. 100% of your shares is covered up to a maximum of €25,000 up to the age of 55, this reduces to 75% coverage on funds saved after your 55th birthday, reducing again to 50% on your 60th birthday and 25% on shares saved over 65.
Simply put, we encourage members not to touch shares after the age of 55 in an attempt to avail of as much of the 100% cover as possible up to the maximum amount of €25,000.
Funds in your credit union account will go to the nominee you have selected. You might remember completing a nomination form when you joined the credit union. If you have not completed a nomination form or are unsure if you have or have not completed one, I strongly urge you to download one now, complete it in full and return it to the credit union immediately. Failure to complete a nomination form will result in the funds held in your credit union account going to your estate i.e. probate.