INSURANCE Our members benefit from the following insurance services: 

Death Benefit Insurance 

Death Insurance is additional to LS/LP Insurance and is designed to lighten the financial burden on bereavement. 
No one likes to think about death, be it your own or that of a loved one, but the simple fact is a bereavement can result in substantial expenses and financial struggles for loved ones, at a difficult time. Downpatrick Credit Union cares about its members and provides this insurance (DBI) to help pay for funeral expenses. Death Benefit Insurance won’t ease bereavement but it will go a long way towards easing the financial burden your death may place upon your family. 
During the life of the insured member, it gives the family added security and reduces worries about funeral expenses. 
Death Benefit Insurance is a payment of £1,500 to the nominated next of kin. Next of kin can be updated by members at any time by completing a Form of Nomination in our office. 
A member is eligible if: 
They have joined Downpatrick Credit Union before the age of 70 
They have joined in good health 
They have remained a member of Downpatrick Credit Union 
They have met the minimum amount of £5 savings in their account 
Minor accounts are also covered by DBI 

Life Savings Insurance 

Downpatrick Credit Union provides Life Savings Insurance at no direct cost to its members as an additional incentive to save regularly. The amount of insurance benefit payable on the death of the member is in direct proportion to the savings balance and the age of the member when lodgements were made. Savings withdrawn will affect the insurance amount payable. Insurance will be calculated on the lowest share balance held in account. 
Insurance Cover provided on savings: 
Insurance Cover 
Under 55 
Every £1 provides 
£1 of insurance 
Every £1 provides 
75p of insurance 
Every £1 provides 
50p of insurance 
Every £1 provides 
25p of insurance 
A member is eligible for Life Savings Insurance cover if they have joined the credit union before the age of 70 and are actively at work or in good health at the time of joining. 
The maximum amount of savings covered by this insurance is £15,000. (subject to change / T&C's apply) 
Upon 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 or bank transfer along with any monies paid out by the insurance company. 
All claims are subject to the terms and conditions of ECCU insurance. A minimum savings balance of £5 must be maintained in your account. 

Loan Protection Insurance 

Loan Protection Insurance is the cover taken out on eligible loans at no direct cost to the member. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. If you are an eligible member, this means that your dependants will not be obliged to repay the outstanding loan balance in the event of your death. 
A member is eligible if: 
They have not reached their 85th birthday 
The borrower can confirm they can actively and regularly perform all the usual duties of their occupation and duties. For larger loans a medical questionnaire may be required 
Disability Benefit is for those under 65 if they become totally and permanently disabled. If you have a loan, you may be able to make a claim with regards to clearing your loan balance. 
All insurance is FREE and underwritten by the credit union movement’s insurance company, ECCU Assurance Company Limited and is paid for by the credit unions from their surplus income. Insurances are paid for by Downpatrick Credit Union with no additional cost to members. 
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