Death Benefit Insurance

'Another advantage for your members'

Product Overview

• Group policy supporting Credit Unions and other affinities in providing a modest amount of life insurance to their members as an additional benefit of membership.

• Benefit is a fixed amount selected by the Credit Union based on their commitment to members.

• Credit Union pays the premium either monthly, quarterly or annually (although they may recover this from their members as a deduction from the annual dividend)

Key Features

• Credit Union can define the benefit structure to meet their budget and their members needs including:
  • Eligibility criteria for members (with option to extend cover to older ages)
  • Fixed benefit amount
  • If additional benefit should be payable in the event of accidental death

• Automatic enrolment of eligible members or Credit Union can allow members to elect to join the scheme

• No underwriting

• Community rated based on Credit Union demographics / historical experience

• Insured members must be resident in the UK or Ireland

Who should consider this product?

Credit Unions or other Affinities who want to:

• Retain and grow their membership by providing an additional benefit.

• Insure the risk that they incur from the commitments made to their members.