St. Michael's Credit Union 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 St. Michael's Credit Union Limited in respect of eligible members are:

  • Loan Protection Insurance
  • Life Savings Insurance
  • Death Benefit Insurance

The "member pay" services currently available are:

  • Travel Insurance - get a competitive quote through
  • Home Insurance - get a competitive quote through
  • Car Insurance - get a competitive quote through
  • Repayment Protection Insurance (RPI)
  • Private Health Insurance schemes

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One of the attractions of a loan with the St. Michael's Credit Union 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?

Loan Protection Insurance is a life insurance cover that St. Michael’s Credit Union provides on the lives of its eligible borrowing members, subject to certain terms and conditions. Provided a member is in good health and engaged in their normal life occupation, their loan may be covered by this insurance in the event of death.

In St. Michael's Credit Union, the outstanding loan balances of eligible members are automatically insured at no direct cost to the member. Should a member with an outstanding loan balance die, the balance is repaid in full, subject to terms and conditions and certain cover limits which apply. You should enquire when making your loan application to see if you are eligible.

If you are an eligible member, this means that you can borrow from your credit union in the full confidence that your dependents will not be obliged to repay the outstanding loan balance in the event of your death.

Loan Protection Insurance is payable subject to policy terms and conditions.

Any Credit Union member is eligible for Loan Protection Insurance provided:

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

Download Insurance & Nominations Leaflet

Life Savings Insurance is also payable on the death of the eligible member subject to policy terms and conditions. The insurance benefit payable is in proportion to the amount of savings that a member has accumulated during the term of their membership. The benefit is also dependent on the member’s age at the date lodgements are made to the account.

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.

Subject to a maximum benefit set by you Credit Union, every €1 you save before the age of 55 provides €1 of insurance. Once you are over the age of 55 each €1 you save with your credit union provides the following benefit:

  • €1 saved between ages 55-59 provides €0.75 insurance
  • €1 saved between ages 60-64 provides €0.50 insurance
  • €1 saved between ages 65-69 provides €0.25 insurance

No insurance is payable on amounts saved after your 70th Birthday.

Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.

A member is eligible for the insurance cover carried by the credit union if when they begin saving they are:

  • Under the age of 70
  • Actively at work, or if not working, in good health

What are the benefits?

Depending on your age and how much you have saved with your credit union over the years, Life Savings insurance could provide you dependants with up to €10,200 on you death.

Download Insurance & Nominations Leaflet

What is Death Benefit Insurance?

The main purpose of Death Benefit Insurance is to provide basic life cover to credit union members to offset the costs of funeral expenses. In addition to Loan Protection/Life Savings Insurance we offer members an additional Death Benefit Insurance designed to relieve the burden of bereavement costs.

DBI is provided at no direct cost to you. Cover is currently €1,300.

Did you Know?

All Credit Union members are eligible for cover under Death Benefit Insurance provided that:

  1. The member(while in good health) joins before the age of 70 years
  2. A minimum of €100 must be in the account as at the date of death
  3. There is no upper age limit - an eligible member who becomes ill does not lose the benefit

*Terms and Conditions apply

Repayment Protection Insurance (RPI) is an optional insurance cover, which protects your loan repayments in the event of you becoming unable to work for more that thirty (30) certified days.

Why choose Repayment Protection Insurance?

Accidents occur, illness can strike you down and even in todays prosperous climate, redundancies can and do happen and can seriously affect you income. As a response to these perils, the Credit Union has designed a valuable product especially for you, the member.

If you are a private employee you can claim:

  • Accident
  • Sickness
  • Redundancy

If you are State / Self Employed you can claim:

  • Accident
  • Sickness
  • Critical Illness

Who is eligible?

You can avail of this protection if:

  • You are aged 18 or over and will not be less than 70 when the policy ends
  • You or your spouse are in full time employment, working 18 hours or more a week

What are the benefits of Repayment Protection Insurance?

  • Your major worries when borrowing are removed
  • Your loan repayments are made for you if you are off work due to accident, sickness, redundancy or critical illness
  • You dont need to dip into your savings to keep up your repayments when you are unable to work due to any of the above conditions
  • The breadwinner clause is included ~ see below
  • The cost is the same for all borrowers regardless of age or sex
  • No medical is required when applying for this valuable protection

What is the Bread Winner Clause?

A unique feature of the policy allows the unsalaried member attached the insurance cover to their earning spouse. If the members earning spouse is unable to work due to any of the insured events, the members loan repayments will be met by the insurance cover.

As with all insurance contracts, there are situations where the insurance company is unable to make payments. Here is a brief listing of some exclusion.

  • Pre-existing illness (any condition suffered in the past 12 months)
  • Pregnancy related conditions
  • Prior knowledge of pending redundancy
  • Voluntary redundancy
  • Self inflicted injuries
  • Dismissal
  • Alcohol/Drugs related conditions

There are a number of group schemes that can be accessed through your local credit union:

  • Aviva Health Insurance
  • Laya Healthcare
  • VHI

Contact us today for more information

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation. is a new suite of insurance services brought to you by credit unions and AIG. offers great value to credit union members on home, car and travel insurances.