Insurance & Nominations

Discounts on a wide range of insurance products

Life is full of unexpected twists and turns. And though we do our best to plan for the road ahead, we never know what’s around the corner. As a member of Member First Credit Union you have access to some great insurance deals for:

  • Home Insurance
  • Car Insurance
  • Travel Insurance
  • Health Insurance

Please contact your local branch for more information or see for more information and to get a quote.

Loan Protection Insurance

Loan Protection Insurance is provided by the Credit Union for you, the member, at no extra cost. This means that you can borrow from your credit union in full confidence that your dependents will not be obliged to repay the outstanding loan balance.

Am I eligible?

Any credit union member is eligible for Loan Protection insurance provided that:

  • The borrower has not reached their 80th birthday
  • The borrower is actively at work or able to carry out their normal occupational duties.
  • If not working, the borrower is in good health*.

What am I not covered for?

If a member dies within 6 months of receiving a loan, and the cause of death was a **Pre-Existing Condition / illness, no insurance will be paid on the loan balance. A Pre-Existing Condition / illness is one you were aware of, diagnosed with or were being treated for 6 months prior to the loan date.

*Terms and conditions apply

** Pre-Existing Conditions; when making a loan application, borrowers are asked to complete a Pre-Existing Condition Limitations Form to alert the credit union to any pre-existing conditions they may have. Borrowers are covered for any pre-existing conditions after six months of the loan being issued. All statements relating to health must be made in good faith. Incorrect or dishonest information may result in a denial or reduction of insurance benefits

Life Savings Insurance

This is a free life insurance cover provided by Member First Credit Union to all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. Whereby your dependents will receive a financial sum in the event of your death.

Am I eligible?

You are entitled to Life Savings cover when you save with your credit union, if you:

  • Join the credit union before your 70th birthday
  • Are actively at work, or if not working, in good health
  • Have the minimum insurable share amount in your account, (for more information on the minimum share balance required, simply ask a member of staff)

What am I not covered for?

Any lodgements made by a member with a Pre-Existing Condition / illness 6 months prior to their death will result in no extra insurance being paid out on their life savings insurance. A Pre-Existing Condition /illness is one you were aware of, diagnosed with or were being treated for 6 months prior to your death. *

* Terms and conditions apply, for more information on Life Savings Insurance terms and conditions, please contact either credit union office.

How Does Life Savings Insurance Work?

The amount of insurance benefit which an insurable member is entitled to is in direct proportion to their savings and their age. Once earned the insurance remains in force as long as you leave your savings with the credit union. Withdrawals may affect the amount payable.

6mths to 54 yrs Every €1 saved You get €1.00 cover per €1 saved
55 to 59 yrs Every €1 saved You get €0.75 cover per €1 saved
60 to 64 yrs Every €1 saved You get €0.50 cover per €1 saved
65 to 70 yrs Every €1 saved You get €0.25 cover per €1 saved

This is subject to a maximum of €12,700


When a member joins the Credit Union, you are asked to nominate a beneficiary on the application form. The person nominated will benefit from the member’s shares at the time of death. This avoids probate delays.

It is therefore important for members to update this form to ensure that it reflects any change in his/her status. In circumstances where the nominated beneficiary pre-deceases the credit union member another beneficiary should be nominated. It is important that the member updates their nomination if their marital status changes as the original nomination becomes invalid once the credit union member gets married.

  • Members can nominate a person/persons to receive their credit union shares and insurance benefits (if any), on death
  • The person/persons nominated can receive the funds without any problems and there is no need for probate
  • There is a maximim limit of €23,000 that can be passed to a nominee in this way. The balance over €23,000 if any goes into the estate

Please contact your local branch to ensure you have completed a nomination form.