MEMBER DEATH
BENEFIT INSURANCE
Protect what matters most to your members - without adding to your balance sheet.
Member Death Benefit Insurance (mDBI) is a group policy that provides a fixed lump-sum payment to the family of a credit union member upon their death. Unlike traditional death benefit schemes, the annual enrolment fee is paid by the member rather than the credit union - removing the cost from your balance sheet while keeping the benefit firmly in place for the members who value it most.
Who is this product for?
This product is designed for Irish credit unions that currently offer - or wish to offer - a death benefit as part of their member proposition. It is suitable for credit unions of any size and can be set up as a standalone product or alongside existing Life Savings or Loan Protection arrangements. Individual members do not apply directly; the credit union is the group policyholder.
What does this product cover?
• A fixed lump-sum death benefit paid to the member's estate or nominated beneficiary
• Members are eligible to enrol before their 71st birthday
• No medical underwriting - members answer no health questions at the point of enrolment
• The credit union manages enrolment; administration is minimal
• Claims are typically settled within 24 to 48 hours of a valid claim being submitted
• Annual enrolment fee is paid by the member, not the credit union
What is not covered?
As with all insurance products, exclusions and limitations apply. Key exclusions include:
• Members who have not paid their annual enrolment fee in the relevant policy year
• Deaths occurring before the member's first enrolment has been accepted
• Deaths arising from conditions or circumstances excluded under the policy terms (full exclusions are set out in the policy documentation provided at quotation stage)
How does it work?
As with all insurance products, exclusions and limitations apply. Key exclusions include:
• Members who have not paid their annual enrolment fee in the relevant policy year
• Deaths occurring before the member's first enrolment has been accepted
• Deaths arising from conditions or circumstances excluded under the policy terms (full exclusions are set out in the policy documentation provided at quotation stage)
Who underwrites this product?
Group Life products are currently underwritten by Aviva Life and Pensions Ireland DAC. Please note that claims on policies incepted under previous arrangements may continue to be processed under Utmost PanEurope DAC cover for a transitional period. The applicable arrangement will be confirmed in your policy documentation.
How are we paid?
CMutual earns commission and/or administration fees for arranging and managing your insurance. These are included within the premium and do not represent an additional cost to you. Full details of our remuneration are available in our Terms of Business
Get in touch
To find out more or to request a quotation, contact our team:
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Phone: +353 1 5533500
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Email: [email protected]
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Or use the contact form on this page
CMutual arranges insurance on a limited analysis of the market basis. We work with a defined panel of underwriters and do not compare all products available in the wider market. No cover is in place until a policy schedule has been issued to you in writing. Full details are in our Terms of Business.