Death Benefits
Death Benefit Insurance
Introduced in 1995, the main purpose of this insurance is to provide basic life cover to credit union members at an affordable price. The cover is offered as a rider (or endorsement) to the Life Savings insurance policy. Death Benefit Insurance is underwritten by ECCU Assurance Company Limited. If a credit union decides to participate then it must include at least 50% of the eligible members.
During the life of the insured it gives the family added security and reduces worries about the future.
Many credit unions offer this cover as part of the insurance provided by the credit union.
What are the benefits?
The actual amount of insurance benefit may vary from one credit union to the other. The minimum benefit offered is €1,300 in the Republic of Ireland and £1,000stg in Northern Ireland and the maximum is €3,250/£2,500stg respectively. You should check for details of the benefit offered by your credit union.
If you are a member of a participating member, you are eligible for this insurance provided your premium has been paid and you:
- Are over 16 years of age. [broken link removed]
- Joined the credit union before 70 years of age.
- Remained a member of the credit union.
- Are or have been eligible for cover under the Life Savings Policy.
Once you are covered by this policy and provided annual premiums are paid, your benefit is not affected in any way, even by illness.
What does it cost and how do I apply?
Please talk to your local credit union about this insurance for application details.