An incentive for regular saving

Life Savings is a unique service provided by Progressive Credit Union, that rewards eligible members by protecting them while they save. In the unfortunate event of your death, it can pay a benefit to the person(s) you nominated. When you first joined Progressive Credit Union, you will have completed a nomination form. This enables you as a member (over 16 years of age) to nominate or name someone to receive the property of your account, upon your death. This form can be updated at our offices.

Am I eligible for Life Savings

As a member you are eligible once you:

• lodge your savings before your 70th birthday and,
• lodge your savings when you were actively at work and regularly performing all the usual duties of their occupation or when you were in good health.

How much Life Savings is provided?

The maximum benefit payable to an eligible member is €1,000.

How is the Life Savings benefit calculated?

The benefit is calculated by multiplying the relevant savings amount by a percentage determined by your age at your death. See the age categories and percentages applicable below:

Benefit percentages at each age category:

• Member dies before age 55 100%
• Member dies between ages 55-59 75%
• Member dies between ages 60-64 50%
• Member dies between at age 65 or greater 25%

The relevant savings amount for a member under age 70 is the saving balance at the date of death. For a member over age 70, it is the lowest savings balance from age 70 to your date of death. Note that any withdrawal of savings made after age 70 will reduce the benefit payable. The maximum savings amount that can be used to calculate the life savings benefit is €1,000 maximum.

Funerals, one of the only things in life that’s a given. Yet here in Ireland, it is something many prefer to put off talking about.

Your local Credit Union, however, is only too happy to discuss some of the different benefits they have available for members to help ease the financial burden.

Did you know the average funeral cost here in Ireland can range anywhere from €2,950 to €7,500?? There are so many things to consider from burial plots & gravestones to cremation costs, to embalming & death certs and even transport costs.

Having the finances prepared in advance will go a long way towards ensuring your loved ones have one less thing to worry about at such a difficult time.

For more details on what Progressive Credit Union have available, please email mdbi@progressivecu.ie or call on 01-8411 348 to speak to a member of staff.

Lets make it simple...

As a not-for-profit community organisation, we are offering this extra peace of mind to our members at an affordable price:

• €96 a year per member
• Payment collected directly from your share account each year
• €3,500 paid towards your funeral costs in the event of your death

Members must be under the age of 71 at the time of enrolment.

Please see break down of payment options throughout the year, reflecting the term of cover.

• Members who join before January will pay the full annual premium of €96.00
• Members who join up to 31^st March will pay a premium of €72.00
• Members who join up to 30th June will pay a premium of €48.00
• Members who join up to 30th September will pay a premium of €24.00
• Cover for the calendar year will renew again in the next January at the full premium of €96.00

Members will need to ensure that they have at least €78.00 in their share account. If a Member does not have €96.00 in their share account at the time of deduction, they are automatically removed from the program.

A Member can re-join the program at the appropriate time, providing they meet the eligibility criteria at the time of re-joining.

Please be aware that you must opt-in to this program, enrolment is not automatic.

Once you join the Program you remain a member of the Program, which auto-renews on an annual basis, until such time as you choose to opt-out of the Program, or you stop paying the premium or your membership of the Credit Union ceases. You can opt out of the program by completing the cancellation form which can be found below under the documents section.