In addition to Loan Protection and Life Savings Insurance, Core Credit Union also offers Members free Death Benefit Insurance (DBI) cover.
From 1st January 2017, this benefit is a once off payment of €1,300 towards funeral expenses. To be eligible, a Member must join the Credit Union before their 70th Birthday and have a minimum balance of €127 in their account on the date of death. This minimum balance is increasing to €350 by the 31st December 2017 and €500 by the 31st December 2018.
This insurance is provided to eligible Members free of charge, and will either be paid directly to the funeral home, or to reimburse the person who has paid the funeral bill.
Once earned your insurance stays in place as long as your account has the minimum balance required. If your balance is below the minimum required on the date of death, you will not be eligible for this Death Benefit Insurance. That is why it makes sense to take out a loan instead of withdrawing your savings, especially as you get older.
Core Credit Union encourage you to manage your money carefully. We are here to help Members, not to make profit for someone else.