Tower Credit Union provides life savings insurance FREE of charge to eligible members as an incentive to save regularly and to maintain savings with the credit union.
Eligibility
Members are eligible for Life Savings cover if:
- They join the credit union before their 70th Birthday: and
- are actively at work or in good health when they save with the credit union
Benefits
The amount of insurance benefit payable under the scheme is proportional to the amount of savings and age of an eligible member. The maximum savings covered under the scheme is €5,000.
The following table indicates the cover provided to members:
| Age | Insurance Cover |
| Under 55 years of age | €1 for every €1 held up to €5,000 |
| Aged 55 and under 60 | €0.75 for every €1 held up to €5,000 |
| Aged 60 and under 65 | €0.50 for every €1 held up to €5,000 |
| Aged 65 and under 70 | €0.25 for every €1 held up to €5,000 |
| Aged 70 and over | €0.25 for every €1 held at 70th birthday up to €5,000 |
