It is therefore important for you to update this form to ensure that it reflects any change in his / her status. If your nominated beneficiary dies before you, then another beneficiary should be nominated. It is important that you update your nomination in the case of a change in marital status, as the original nomination becomes invalid once you married.
- Members can nominate a person/persons to receive their credit union shares and insurance benefits (if any), on death
- The person/persons nominated can receive the funds without any problems, and there is no need for probate
- There is a maximum limit of €23,000 that can be passed to a nominee in this way. The balance over €23,000 if any goes into the estate
Please contact your local branch to ensure you have completed a nomination form.
- Members must be under the age of 71 at the time of enrolment.
- New Members can enrol in the program on the 1st January each year, the following chart should explain the criteria.
||Age next birthday
||71 after 1st January
||71 before 1st January
- Members will need to ensure that they have at least €57.00 in the account at the time of deduction. *(€52.00 for the program taken in a lump sum each January, and €5.00 to ensure your Credit Union account remains open).
- If a Member does not have at least €57.00 in their account at the time of deduction, they are automatically removed from the program.
- A Member can rejoin the program at the appropriate time, providing they meet the eligibility criteria at the time of rejoining.
- Please be aware that you must opt-in to this program, enrolment is not automatic. Download our DBI Entry Form and return it to your local branch to join.
Once you join the Program you remain a member of the Program, which auto-renews on an annual basis, until such time as you choose to opt-out of the Program, or you stop paying the premium or your membership of the Credit Union ceases. You can opt out of the program by completing the cancellation form which can be found below under the documents section.
We are delighted that Member First Credit Union can provide this insurance, as it demonstrates our commitment to our members. If you have any questions, our team are on hand at all our branches and on the phone, and they will be delighted to help you.
Death Benefit Insurance Documents:
This policy is arranged, on behalf of Member First Credit Union by Cuna Mutual Group Services (Ireland) Limited which is regulated by the Central Bank of Ireland. The policy is underwritten by Covea Life Ltd. which is authorised by the Prudential Regulation Authority of the UK and complies with the Central Bank of Ireland’s conduct of business rules in relation to the provision of this Member Death Benefit Insurance program. Member First Credit Union is regulated by the Central Bank of Ireland