LIFE SAVINGS
PROTECTION
Reward your savers. Support their families. Strengthen your credit union.
Life Savings Protection is a group insurance benefit that rewards credit union members for building and maintaining their share savings over time. In the event of a member's death, it provides a lump-sum payment to the member's family - helping to cover end-of-life expenses at the moment they need it most. For credit unions, it is a powerful way to encourage a positive savings culture while offering something genuinely valuable to members.
Who is this product for?
Life Savings Protection is designed for Irish credit unions that wish to offer their members a meaningful savings reward. The credit union is the group policyholder; members are covered by virtue of their savings history and share balance. The product can be tailored to the credit union's membership profile and benefit preferences.
What does this product cover?
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A lump-sum death benefit paid to the member's estate or nominated beneficiary on the member's death
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Benefit is calculated based on the member's savings history - either by age at deposit (Age at Deposit programmes) or by age at death (Age at Death programmes)
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Helps families cover end-of-life costs such as funeral expenses or immediate financial needs
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Members can bequeath accumulated Life Savings benefits to named beneficiaries
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Encourages long-term saving behaviour and ongoing member engagement with the credit union
What is not covered?
As with all insurance products, exclusions and limitations apply. Key exclusions include:
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Members whose savings fall below the minimum qualifying threshold defined in the policy
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Savings lodged outside the eligible age range or timeframe specified in the policy terms
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Deaths arising from circumstances excluded under the policy terms (full exclusions provided in policy documentation at quotation stage)
How does it Work?
Life Savings Protection operates as a group insurance policy managed by the credit union. There are two broad programme types. Age at Deposit programmes calculate the benefit based on the age at which the member lodged their savings - rewarding members who have saved over many years. Age at Death programmes calculate the benefit based on the member's age at the time of death. CMutual will work with you to determine which programme structure best reflects your membership profile and savings strategy. On a member's death, the credit union submits a claim and the benefit is paid to the member's estate.
Who underwrites this product?
Life Savings Protection is currently underwritten by Aviva Life and Pensions Ireland DAC. Claims on policies incepted under previous arrangements may continue to be processed under Utmost PanEurope DAC cover for a transitional period. The applicable arrangement applicable to your credit union’s group policy will be confirmed in your policy schedule.
How are we paid?
CMutual earns commission and/or administration fees for arranging and managing your insurance, included within the premium. Full remuneration details are available in our Terms of Business.
Get in touch
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To find out more or to request a quotation, contact our team:
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Phone: +353 1 5533500
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Email: [email protected]
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Or use the contact form on this page
CMutual arranges insurance on a limited analysis of the market basis. We work with a defined panel of underwriters and do not compare all products available in the wider market. No cover is in place until a policy schedule has been issued to you in writing. Full details are in our Terms of Business.