# Credit unions' death benefit and membership of two credit unions.



## Mrs. Doyle (20 Jan 2014)

Just wondering if anyone can explain to me exactly how this death benefit insurance works if one is a member of two credit unions.  I have a vague recollection of asking about it many years ago and I think they said that it is only paid out once.  As the benefit can vary from minimum €1,300 to €3,250 maximum can a family just apply to the credit union where it pays the most or are there other restrictions?


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## WizardDr (4 Apr 2014)

You need to ask the particular Credit Union but the general jist is that a loan would be paid off  subject to the amount and age. The savings were often doubled but there ay be conditions here. 

The 'common bond' is what allows you to join a particular Credit Union.

The common bond is a restriction on trade inherited from the US. That said it is in the law.

However, one CU in Dundalk - Black Raven (?) has as its common bond membership of a particular club which apparently all 4.4m of us are qualified to join.

Not surprising therefore that County Louth has more members than sheep.


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## Wallpaper (7 Apr 2014)

Death Benefit Insurance is separate to the LP/LS Policy.  I am not sure if you can claim death benefit insurance from more than one credit union, I'd check that out with your credit union.  

 Death Benefit Insurance is to help towards the funeral expenses of the deceased whereas LP/LS insurance is to clear the loan and payout a sum on the savings depending on the age of the member


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