Comhar Creidmheasa Cholmcille Limited also offers all eligible members insurance services. Some of these insurance services are paid for directly by the credit union and others are paid directly by the member. The insurance cover currently provided for by Comhar Creidmheasa Cholmcille Limited in respect of eligible members is:

Loan Protection Insurance

One of the attractions of a loan with the Comhar Creidmheasa Cholmcille is free Loan Protection Insurance. It repays the balance of the loan in the event of a member’s death. Cover is available for those in good health or carrying out normal occupational duties at the time the loan is granted.

What is Loan Protection Insurance

In Comhar Creidmheasa Cholmcille, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. This means the loan debt will be wiped clean in the event of the member’s death. Members can take out a credit union loan in the full confidence that their dependents will not have to pay the loan off on death and total and permanent disability for any occupation. It is available for those aged 18-80 years. Banks and other financial institutions charge a separate insurance premium on top of loan repayments for this service.

Loan Protection Insurance is payable subject to policy terms and conditions.
• The insurance benefit payable is the amount of the member’s outstanding loan balance
• Cover ceases on the member’s 80th birthday

Life Savings Insurance

It is the life insurance cover provided to Comhar Creidmheasa Cholmcille members as member benefit i.e. at no direct cost to you and as an incentive to save regularly. Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

Amounts saved after the 70th birthday are not insured. However, cover built up before the 70th birthday remains in force after the 70th birthday as long as the savings are left in the credit union. Withdrawals may affect the amount of insurance payable in the event of a claim.

Weekly Savings Timetable

Before 55Provides €1 of insurance
56-59Provides 75c of insurance
60-64Provides 50c of insurance
65-70Provides 25c of insurance
70+No insurance cover for sums lodged after age 70


You are 52 years of age with €2500 saved in your account. Should you die at this age than an insurance benefit of €2500 will be added to your savings. Consequently, your nominated beneficiary would receive €5000. The maximum insurance benefit currently payable under the terms of Comhar Creidmheasa Cholmcille’s policy is €7,700.

Once earned, the insurance cover remains in force as long as you leave your savings in the credit union.

NB Withdrawals will affect your insurance coverage.
A member is eligible for the insurance coverage provided by Comhar Creidmheasa Cholmcille if when they begin saving they are:
” Under the age of 70
” Actively at work, or if not working, in good health.

Still have questions? We would be happy to answer any questions you may have.