Insurance Types

Portadown Credit Union offers its Members a range of insurance products on savings and loans, as well as Death Benefit Insurance.

Insurance on Savings

Portadown Credit Union, like other Credit Unions affiliated to the Irish League of Credit Unions offers its Members a unique and, most importantly, free insurance product.

Every pound which you save, up to the age of 55, in the event of your death is doubled. This applies to a maximum savings value of £15,000 and is payable to the person you have recommended on your form of nomination.

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.

Every £1 saved before the age of 55
Provides £1 of insurance
Every £1 saved before the age of 55- 59
Provides 75p of insurance
Every £1 saved before the age of 60 – 64
Provides 50p of insurance
Every £1 saved before the age of 65- 69
Provides 25p of insurance

Life Insurance on Loans

Portadown Credit Union offers its Members free life insurance on loans. This is available to any Member who is actively in work or is in good health when the loan is granted. All loans must be paid in full before the Member’s 85th birthday.

Death Benefit Insurance

Death Benefit Insurance (DBI) is available to anyone who is in good health and who joins Portadown Credit Union in advance of their 70th birthday.

What is DBI?

DBI provides £2,000 of insurance cover to a Member’s nominated person in the event of their death. The annual premium for the insurance is £17.35

What if I don’t have enough shares?

If you wish to be part of the DBI scheme, but don’t have enough shares in your account to qualify for your premium to be paid by the dividend you earn in Portadown Credit Union Limited, you can call into the office and pay the premium over the counter, or sign a DBI authority allowing us to deduct the premium from your shares, you can get this form at the office or alternatively download it from the link below and bring the completed form to the office. We strongly recommend that all members check their account every December to ensure that the DBI premium has been paid.

It is the MEMBERS responsibility to ensure there are sufficient funds for the DBI premium to be deducted from their shares. We STRONGLY recommend that the member maintains a share balance of £30 or more at ALL times, to allow for the deduction of this premium.