Life Benefit Insurance Examples

Example 1: John has €6,000 in savings when he dies at the age of 48. At 48 years old his beneficiaries will receive insurance equal to the value of his insurable savings on the date he died. If he was an Active Plan Member this means he has insurable savings of €6,000, as a Standard Plan Member he would have insurable savings of €4,000. John has opted in for Member Death Benefit Indemnity for €60 a year.

Example 2: Mary has €13,000 in savings when she dies at the age of 88. At 88 years old her beneficiaries will receive insurance of one quarter of the value of her insurable savings on the date she died. If she was an Active Plan Member this means she has insurable savings of €3,250, as a Standard Plan Member she would have insurable savings of €1,000. Mary has NOT opted in for Member Death Benefit Indemnity for €60 a year

Example 3: Una has €500 in savings when she dies at the age of 64. At 64 years old her beneficiaries will receive insurance equal to one half of the value of her insurable savings on the date she died. However, as her insurable savings are lower than the Life Benefit minimum payout, her insurance claim will be brought up to €1,300 as an Active Plan Member or €700 as a Standard Plan Member. Una has opted in for Member Death Benefit Indemnity for €60 a year.