What is Death Benefit Plus?
Death Benefit Plus is a whole of life insurance policy that pays a lump sum on your death. This lump sum can be used to help pay bills and expenses at the time of your death. A whole of life policy means this is a policy that is guaranteed to pay a lump sum benefit on your death, provided you pay the required premiums.
Who can buy a policy?
Anyone who is Irish resident, living in the Republic of Ireland, aged 18 and over but under 80 on the policy start date can buy a policy. You will also need to hold an account with an Irish based financial institution (Credit Union or Bank) that allows for direct debit deductions to enable payment of the monthly premium.
How do I buy a policy?
To buy a policy you must first get a Quote and then proceed through the same page and complete the online application form. You will enter your personal details and buy a policy on-line via our secure website. If you need help completing the online application form, you can call us for assistance at 0818 29 39 49.
Do I have to go for a medical?
No. You will not need to visit a doctor or go for a medical and there are no long medical questionnaires to be completed. If you meet the eligibility requirement, you can buy a policy.
Why might I need to take out a Death Benefit Plus insurance policy?
Bereavement expenses can leave loved ones with large bills and debts to pay, depending on arrangements. Taking out a Death Benefit Plus policy will allow you to leave a lump sum behind to help them pay for those expenses.
My credit union already provides insurance covers. Am I not already covered?
Yes, every credit union affiliated to the Irish League of Credit Unions has Loan Protection and Life Savings group insurance policies and some credit unions also provide optional additional cover called DBI. A feature of these polices is they are owned by the credit union and the cover limits or amount of insurance they provide are set by the credit union, with the same insurance cover limits applying equally to members. This same level of cover may not suit some individuals. A Death Benefit Plus policy therefore provides you with the flexibility to increase the amount of cover you hold, to meet your particular protection needs.
I have savings. Why would I need funeral insurance?
With the best of intentions, savings can very easily be diverted and spent on other unexpected items. You may also not have sufficient saving accumulated to cover your bereavement costs. Taking out a Death Benefit Plus policy and making regular monthly repayments will guarantee a lump sum on your passing.
How much cover can I buy?
The minimum cover you can buy is €3,000 and this increases in increments of €500 up to the maximum cover allowed per individual of €15,000. Provided you are eligible you may buy additional policies and own more than one policy, but you must ensure you do not exceed the maximum amount of cover allowed per individual of €15,000.
What is the cost of a policy?
Fixed monthly premiums can start from as little as €10 a month (including government levy) for a 46-year-old with €3,000 cover. The premium you will pay depends on your age when your policy started and the amount of cover you choose. To see the monthly premiums you would pay, go to the homepage of this website and get a QUOTE.
Please note, the total premiums paid over the premium payment term of your policy could exceed the lump sum paid on your death.
Can I buy a policy for my husband/wife or partner or anyone else?
Unfortunately not. The policy can only be taken out by the policyholder (i.e. the owner of the policy) for themselves, the person named on the policy. However, if your spouse or partner are eligible, they can take out their own policy.
What is the maximum amount of cover I can buy?
The maximum amount of cover you can buy is €15,000. No individual will be covered for more than this maximum amount, even if they own more than one policy.
Will my life assurance cover or the premiums I pay change in the future?
No. The cover amount you choose at the start remains the same. This is the amount that can be claimed on your passing. The premiums you need to pay monthly are based on your age when cover commences and the amount of cover you choose. This monthly premium just like your cover amount will not change.
If I buy a policy, can I change my mind?
Yes. If you receive your Death Benefit Plus policy and you feel, for example, that it is not suitable for your needs, you can cancel it. You should write to ECCU Assurance DAC or alternatively send an email to firstname.lastname@example.org and instruct us to cancel your policy. If your cancellation instruction is received less than 30 days after your policy start date, then any premium paid will be refunded in full.
How do I pay my monthly premiums?
You will pay your monthly premiums by direct debit from the account you hold with your Irish based financial institution i.e. from your credit union account or a bank account. You should check with your financial institution to ensure your account can accept direct debits. When applying for cover online, you will enter your account details onto our secure website.
Can I cancel my policy and what happens if I do?
You can cancel your policy at any time by writing to us or sending us an email instructing us to cancel your policy. If your cancellation instruction is received less than 30 days after your policy start date, then any premiums paid will be refunded in full. If your instruction is received after this 30-day period, then your policy will be cancelled and there will be no refund of any premiums paid.
If you cancel your policy after having paid in at least 5 years premiums, then a protected benefit feature of your policy will come into play and a proportional benefit will be calculated and kept for you. This can then be claimed on your death.
Am I covered if I die of COVID 19?
Yes. If your policy has been in place and at least two years premiums have been paid, a claim will be paid if you die of COVID 19. If you were to die before your policy is at least 2 years active, then a claim can only be made if your death was caused by a travel accident and if this occurs, the benefit is doubled. Please read below for further information on travel accidents.
What is meant by a travel accident?
Under the policy if you die as a result of a travel accident, a double benefit is paid. A travel accident is an accidental death in our opinion caused solely and directly from bodily injuries caused by external violent, visible and accidental means, while travelling in a private car, as a pedestrian in a motor accident or as a fare paying passenger by road, rail, sea or air. For full details you should refer to the Definitions & Explanations section of the Policy Conditions booklet on this website.
Who is the Insurer/Underwriter for Death Benefit Plus insurance?
The insurer of the Death Benefit Plus policy is ECCU Assurance DAC (ECCU) which is owned by credit unions affiliated to the Irish League of Credit Unions. ECCU is a life assurance company based in Dublin and has been providing insurance products to credit unions for over 40 years.
Is the lump sum benefit paid out taxable?
Life insurance benefit is currently paid out as a tax-free lump sum and we will not deduct any tax from the benefit. If tax laws change after your Policy Start Date, we may change the Policy Conditions if we need to keep the policy in line with those changes. We will write to you about any changes to the Policy Conditions.
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ECCU Assurance DAC is regulated by the Central Bank of Ireland
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