Credit Union Death Benefit

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Duran69

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Re Irish Credit Unions
If you have no current loans with a Credit Union and have considerable dividend on death
How much of a death benefit is paid
 
This varies from branch to branch, so you would need to check the coverage of the particular credit union. While helping someone out with financials arising from a bereavement recently, they received €1,500, but other credit unions pay more such as this one:
www.wexfordcreditunion.ie

Death Benefit Insurance - Wexford Credit Union Ltd.

All eligible members of the Credit Union can apply for insurance covered under our Death Benefit Insurance Policy. This means in the event of your death, a lump sum of €2,600 will be paid to your family to help with the cost of funeral expenses, thereby easing the financial burden of...
www.wexfordcreditunion.ie www.wexfordcreditunion.ie
 
There can also be Loan Protection and Life Savings benefit payable, where savings created up to age 55 may be doubled, subsequent savings are increased to a lesser degree.
 
‘’To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday. You must always retain at least €5 in your account at all times. If your savings go below €5 after your 70th Birthday you will not longer be entitled to the benefit. Ask a staff member for assistance.’’

That is an amazing deal from Wexford Credit Union fayf, any 69 year old in the area would be mad not to keep €5 in an account there. Is it really that simple ?
 
Des Pondent said:
‘’To qualify for death benefit insurance you must be a Credit Union member and must have joined the Credit Union before your 70th birthday. You must always retain at least €5 in your account at all times. If your savings go below €5 after your 70th Birthday you will not longer be entitled to the benefit. Ask a staff member for assistance.’’

That is an amazing deal from Wexford Credit Union fayf, any 69 year old in the area would be mad not to keep €5 in an account there. Is it really that simple ?
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Yes, speaking as a beneficiary of the same Wex Anne St credit union....keep a 100E in, thats it, no loans or anything req'd, we got death benefit paid out in 2020 for the old man, I cant rem the amount but it was worth it!.
 
Does the saver not have to make a contribution to the premium or does that depend on the CU? I checked my one out today and I am eligible to join as a member but I have to pay, not just have shares?
 
misemoi said:
Does the saver not have to make a contribution to the premium or does that depend on the CU? I checked my one out today and I am eligible to join as a member but I have to pay, not just have shares?
Click to expand...

It differs from one credit union to another. Don't think there are that many of them that don't have a fee for the insurance as I understand it can be quite expensive for the credit union to purchase.
 
misemoi said:
Does the saver not have to make a contribution to the premium or does that depend on the CU? I checked my one out today and I am eligible to join as a member but I have to pay, not just have shares?
Click to expand...
It varies greatly. My mother's Credit Union went from "free Death Benefit for All" to a contributory death benefit scheme for members under 80 (cover ceasing at 80) and no death benefit available for those over 80, irrespective of length of membership, thus stripping many longstanding members of longstanding death benefit.
 
recent changes in my CU.
still free but value reduced.
€3000 or the actual amount of shares held on your 50th birthday whichever is the lesser.
 
Thanks, even if free now looks like a lot will move to payable. I will take my chances on winning the car they raffle quarterly!
 
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