What is Death Benefit Insurance?
Death Benefit Insurance is optional additional Life Assurance benefit designed to lighten the financial burden of bereavement. There is a modest annual fee of €42.03*. It is in each members own interest to ensure they are covered.
What are the benefits?
St Dominic Credit Union offers a benefit of €3,250*. The amount of insurance benefit may vary from one credit union to another.
For members who lose their life in any type of accident, the benefit is payable is automatically doubled.
Am I Covered?
Once you are covered by this policy, the annual fee has been paid and you remain a member of your credit union, your benefit is not affected in anyway- even by illness. Cover is subject to Terms and Conditions. Contact us to ensure that you are covered, our staff are happy to answer any queries you may have.
Members of St Dominic Credit Union are eligible for Death Benefit Insurance cover provided your fee has been paid and you:
- Joined the credit union before the age of 70
- Remained a member of the credit union
- Kept a minimum balance of €10 in your credit union account at all times
- In good health at the time of joining the scheme
Persons under the age of 18 may also qualify for DBI
How do I pay my annual premium?
In order to be included in the scheme the premium must be deducted from your share account. The premium can be paid at our offices at Summerhill or Mooncoin. Members must sign the consent form allowing us deduct the fee from their account. You can also print, sign and return the consent form by post to us; SDCU, Summerhill, Waterford. DBI Member Consent Form You must have a minimum of €52.03 in your shares to ensure the fee is deducted.
How is the insurance claim processed?
Throughout the process the credit union will deal with the deceased member’s family or representative. To start the process the credit union must be notified of the member’s death and be presented with the original Death Certificate.
We will take a copy of the Death Certificate and return the original. The insurance claim will then be processed and this can take from 4 to 6 weeks. Once the proceeds of the policy are received, and the family or representative has provided the funeral bill, the €3,250 benefit will be paid to the funeral directors. If the bill has already been settled then the benefit will be used to reimburse the person who settled it.
If the bill is less than €3,250 the surplus will be lodged into the deceased members shares and distributed to the nominee or the members estate.
- The benefit amount and annual premium is subject to change as part of annual review
Death Benefit Insurance is provided as a rider to the Life Savings Policy, the Master Policy of which can be viewed on request from St Dominic Credit Union.