Death Benefit Insurance
This is a group policy which is aimed at supporting Credit Unions and other affinities in order to provide a modest amount of life insurance to their members as an additional benefit of membership.
For more information speak to your Credit Union.
Death Benefit Insurance
What are the main features?
The Credit Union can define the benefit structure to meet their budget and their members' needs including:
o Eligibility criteria for members (with option to extend cover for older ages)
o Fixed benefit amount
o If additional benefit should be payable in the event of accidental death
o Automatic enrolment of eligible members or Credit Unions can allow members to elect to join the scheme
o No underwriting required
o Community rated based on Credit Union demographics/historical experience
o Insured members must be resident in the Ireland or the UK
Death Benefit Insurance helps to ease the financial burden of losing a loved one by providing a cash lump sum death benefit to the eligible member’s family. This cover is purchased by the credit union and is made available to members at a variety of coverage levels.
Members benefit from Death Benefit Insurance by:
o Obtaining coverage at no direct cost
o Obtaining coverage in an easy, uncomplicated manner – no underwriting procedures
o Few restrictions means that all members who joined the credit union prior to their 71st birthday are eligible for cover
Credit unions benefit from Death Benefit Insurance by:
o Differentiating the credit union services from services by other financial institutions
o Creating greater member loyalty by offering coverage, at no direct cost, to all eligible members
o Low cost means an excellent value for the Credit Union
