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.
Participation in the programme costs €1 per week, payable in a lump sum in advance from your share account. As this is a community program all members pay the same cost regardless of age or gender, and all get the same level of cover. Please be aware you must opt-in to this Program, enrolment is not automatic and you can do so by:
- Click here to complete an online form
- Downloading our DBI Entry Form and returning it to a branch
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