Death Benefit Insurance

If you have insufficient funds, the premium will not be deducted, and insurance cover will not apply.

There are no medical questions. If you die as the result of an illness or injury that occurs within the first six months of cover and where you received medical advice, consultation or treatment of that illness or injury within the six-month period prior to the commencement of cover, no benefit will be paid.

Also, there is a restriction during the first twelve months of cover in the terrible event of somebody taking their own life. Otherwise, a benefit will be paid regardless of your age, assuming you continue to pay the premium and assuming that the insurance company continues to provide the cover.

The insurance is open to those from age 18 to your 71st birthday but once you join you can stay insured after age 71, assuming you pay the premium each year.

It is planned to open the scheme until 15 January at the start of each year but only those under age 71 will be able to apply.

When the scheme re-opens at the start of each year, it is likely that communication to members about the re-opening each year will be via email, ezine, the credit union annual report and social media. If you are not communicating with the credit union in these ways, consider signing up now.

The benefit would be added to your credit union account on death.

The credit union does not offer joint accounts except in the relatively small number of cases where a credit union mortgage is in place. The first named person under a joint account would be covered for the member-pay death benefit. Both named persons often have individual memberships as well the joint account and this is probably the best route to apply for the death benefit.

If your proof of ID and address are not up to date, this is a good opportunity to send copies to the credit union to comply with anti-money laundering regulations. If you apply for the member-pay death benefit and your proof of ID and address are not up to date, the credit union will be in contact.

The insurance is arranged by CMutual who have arranged similar schemes for a number of other Irish credit unions. The programme is underwritten by Utmost PanEurope dac. The policyholder is Public Service Credit Union, but the beneficiary is whoever receives the member’s funds after their death. The credit union is not registered as an insurance intermediary and is acting as an introducer in this case. No commission or other incentive will be earned by the credit union.

You can sign-up by completing the application form below and returning it to the credit union. Alternatively, you can upload the completed application form to the credit union using the Document Upload facility on the PSCU web site or mobile app. As a third option, you can scan the application form and email it to deathbenefit@pscu.ie

Some terms and conditions apply, but not many. A copy of the key facts are below.