insurance & nominations

NOMINATIONS

When you join Member First Credit Union, you’ll be asked to nominate a beneficiary on the application form. The person nominated will benefit from your shares when you die.

It is therefore important for you to update this form to ensure that it reflects any change in his / her status. If your nominated beneficiary dies before you, then another beneficiary should be nominated. It is important that you update your nomination in the case of a change in marital status, as the original nomination becomes invalid once you are married.

• Members can nominate a person/persons to receive their credit union shares and insurance benefits (if any), on death.

• The person/persons nominated can receive the funds without any problems, and there is no need for probate.

• There is a maximum limit of €27,000 that can be passed to a nominee in this way. The balance over €27,000 if any goes into the estate.

FREE LOAN PROTECTION*

Loan Protection Insurance is provided by the Credit Union at NO extra cost. So, you can borrow from us in full confidence that your dependents will not be obliged to repay any outstanding loan balance. This insurance is only available to members who join us before the age of 70

AM I ELIGIBLE?

Any credit union member is eligible for Loan Protection insurance provided that:

● The borrower has not reached their 70th birthday by the end of the loan agreement. 

● Where a borrower has reached their 70th birthday, reduced cover is available to a maximum loan of €10,000 for those aged between 70 – 80 years. The loan agreement must be completed before the borrower reaches their 80th birthday. 

● The borrower is actively at work or able to carry out their normal occupational duties.

● If not working, the borrower is in good health*

WHAT AM I NOT COVERED FOR?

If a member dies within 6 months of receiving a loan, and the cause of death was a **Pre-Existing Condition / illness, no insurance will be paid on the loan balance. A Pre Existing Condition / illness is one you were aware of, diagnosed with or were being treated for 6 months prior to the loan date.

*Terms and conditions apply. 

** Pre-Existing Conditions; when making a loan application, borrowers are asked to complete a Pre-Existing Condition Limitations Form to alert the credit union to any pre-existing conditions they may have. Borrowers are covered for any pre-existing conditions after six months of the loan being issued. All statements relating to health must be made in good faith. Incorrect or dishonest information may result in a denial or reduction of insurance benefits

FREE LIFE SAVINGS INSURANCE

This is a FREE life insurance cover provided by Member First Credit Union to all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. It means your dependents will receive a financial sum in the event of your death. This insurance is only available to members who join us before the age of 70.

AM I ELIGIBLE?

You’re eligible for Life Savings Insurance provided that:

• You have not reached your 70th birthday 

• You are actively at work or able to carry out your normal occupational duties 

• If you’re not working, you must be in in good health*

• You are an active member of the Credit Union (Dormant Accounts are not covered for LS Insurance)

WHAT AM I NOT COVERED FOR?

Any lodgements made by a member with a pre-existing condition / illness 6 months prior to their death will result in no extra insurance being paid out on their life savings insurance. A pre-existing condition /illness is one you were aware of, diagnosed with or were being treated for 6 months prior to your death. For more information conditions, please contact your local Credit Union.

* Terms and conditions apply.

HOW DOES LIFE SAVINGS INSURANCE WORK?

With effect from 1st January 2024, the amount of insurance benefit which an eligible member is entitled to will be determined by your age at the time of your passing.

The maximum benefit payable to an eligible member is €5,000.

Age Category	Benefit Percentages
Member dies before age 55	100%
Member dies between ages 55-59	75%
Member dies between ages 60-64	50%
Member dies between at age 65 or greater	25%

The relevant savings amount for a member under age 70 is the saving balance at the date of death. For a member over age 70, it is the lowest savings balance from age 70 to your date of death.

Note that any withdrawal of savings made after age 70 will reduce the benefit payable.

The maximum savings amount that can be used to calculate the life savings benefit is €5,000 maximum.

DEATH BENEFIT INSURANCE

Member First Credit Union is pleased to offer members a Death Benefit Insurance Programme to assist with end of life expenses. In summary, this programme provides: €2,300 fixed life assurance cover, payable on your death. No medical is required.

● Members must be under the age of 71 at the time of enrolment. 

● New members can enrol in the program on the 1st January each year, the following chart should explain the criteria

CURRENT AGE	AGE NEXT BIRTHDAY	PROGRAMME ELIGIBILITY
70	71 After 1st Jan	Eligible
70	71 Before 1st Jan	Ineligible

Insurance premium is €78 per annum for €2,300 cover.

● Members will need to ensure that they have at least €83.00 in the account at the time of deduction. *(€78.00 for the program taken in a lump sum each January, and €5.00 to ensure your Credit Union account remains open).

● If a member does not have at least €83.00 in their account at the time of deduction, they are automatically removed from the program. 

● A member can rejoin the program at the appropriate time, providing they meet the eligibility criteria at the time of rejoining.

 ● Please be aware that you must opt-in to this program, enrolment is not automatic. Download our DBI Entry Form and return it to your local branch to join

Once you join the Program you remain a member of the Program, which auto-renews on an annual basis, until such time as you choose to opt-out of the Program, or you stop paying the premium or your membership of the Credit Union ceases. You can opt out of the program by completing the cancellation form.

We are delighted that Member First Credit Union can provide this insurance, as it demonstrates our commitment to our members. If you have any questions, our team are on hand at all our branches and on the phone, and they will be delighted to help you.

This policy is arranged, on behalf of Member First Credit Union by Cuna Mutual Group Services (Ireland) Limited which is regulated by the Central Bank of Ireland. This Program is underwritten by Utmost PanEurope dac, a designated activity company registered in Ireland (No 311420) and authorised by the Central Bank of Ireland with registered office at: Navan Business Park, Athlumney, Navan, Co Meath. Member First Credit Union is regulated by the Central Bank of Ireland