This insurance provides €3,250 on death towards the funeral expenses of any qualifying member in good health who joined the Credit Union before the age of 70 and who is still a member at the time of death. Payment will normally be made directly to the Funeral Undertaker or to a family member who can provide evidence that they have paid the funeral expenses.
The premium is paid by the Credit Union and is not charged to individual members. To qualify for DBI you must have joined in good health before the age of 70 and have a minimum balance of €200 in your shares (for Adults).
From renewal of the policy in December 2013 the qualifying shares (minimum balance in the 12 months up to and including the date of death) for adult members only will be increased to €200.
This insurance is taken out by the credit union and the credit union is the policyholder. Any benefits are dependent on the ongoing renewal of the policy, and the terms available at renewal. There is no guarantee that the insurance will remain in place indefinitely, or that benefits accrue over time.