Insurances
Our Insurance Products
Find the Insurance for you
Dungannon Credit Union offers various protection insurances to include a Loan Protection Insurance, Life Savings Insurance and Death Benefit Insurance which is designed to assist with funeral expenses. AXA Insurance offers Credit Union Members’ discount on both home and car insurance.
Death Benefit Insurance (Paid by DCU*)
Death Benefit Insurance (DBI) is available to anyone who joins DCU before the age of 70 and is in good health. Member eligibility can be confirmed at a later date upon evidence of full recovery. Please ask staff for more information.
DBI is only payable if the member has a minimum of £100 in his/her account at the date of death (It is strongly recommended that the member maintains a savings balance of £100)
DBI provides £2,000 of insurance cover to help reduce the funeral costs of our members. The annual premium for the insurance this year is £18.46.
Dungannon Credit Union currently pays the premium as an operational expense for our members.
*What if I don’t have enough in savings?
If you wish to be covered under the DBI scheme, but don’t meet the qualifying criteria, you can still avail of this insurance by paying the necessary premium on an annual basis. Ask any staff member for more information.
*Insurance is underwritten by ECCU Assurance Company Limited. (ECCU is owned by the Irish League of Credit Unions (ILCU) under trustee arrangements.
Life Savings Insurance (Paid by DCU)
Dungannon Credit Union, like other Credit Unions affiliated to the Irish League of Credit Unions, offers its members an additional incentive to save regularly and maintain savings with DCU, at no cost to the Member.
Every pound which you save, up to the age of 55, in the event of your death is doubled (provided that you do not withdraw your savings).
This applies to a maximum savings value of £10,000 and is payable to the person you have named on your nomination form.
Savings made between the ages of 55 and 70 still receive an insurance premium, but the amount that is applied reduces as the Member gets older as shown in the table below.
Savings lodged on or after the member’s 70th birthday are not covered by this insurance.
*Any Share withdrawals made after the age of 55 will affect your life savings protection
| Every £1 saved before the age of 55 | Provides £1 of insurance |
| Every £1 saved between the age of 55 - 59 | Provides 75p of insurance |
| Every £1 saved between the age of 60 - 64 | Provides 50p of insurance |
| Every £1 saved between the age of 65- 69 | Provides 25p of insurance |
Life savings insurance nominations
A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your savings following your death. One of Dungannon Credit Unions member benefits is the life savings insurance it offers. In the event of Members death, the contents of the account alongside the respective insurance will be paid to the nominee(s) for the account.
At account opening, a Nominee provided must be over the age of 18.
- The Member will be asked to nominate the person(s) they wish to receive their estate in DCU (i.e. their savings including any insurance payable) in the event of their death.
- It is important to update the nomination(s) if circumstances change, e.g marry, divorce or if beneficiary dies.
Loan Protection Insurance
Loan Protection Insurance covers eligible loans at no direct cost to the member.
What are the benefits?
In the event of a Members death, outstanding loan balances are repaid in full, subject to T&Cs. Members can take out a Credit Union loan in the full confidence that their dependents will not have to pay the remaining loan off when they die.
Loans under £8,000 are automatically covered by Loan Protection Insurance. Loans over £8,000 may still be insured but will require the member to complete a health declaration. In the event that a member has medical conditions to declare which would affect the insurance offered, this information will be forwarded to ECCU for medical underwriting review by specialist doctors.
Please note that all loans issued by DCU must be insured. If cover is refused by ECCU, it may affect the loan decision. All loans must be paid in full before the Member’s 85th birthday.
