Death Benefit Insurance

     Death Benefit Insurance

Omagh Credit Union also provides Death Benefit Insurance for all eligible members.  The cost of this insurance is just £18.43 this year for adults and £1.48 per year for minors.  In the event of the death of a member, a payment of an additional £2000.00 is made to the family of the deceased member to help to defray funeral expenses on receipt of the funeral bill.

Any member who does not want to be a part of the scheme are invited to write a letter to the Board of Directors opting out of the scheme indefinitely.

A credit union member is eligible once:
  • They are a natural person that has joined the credit union before age of 70 and remain a member till death.
  • They are working or in good health at any stage of their membership of the DBI scheme.
  • The premium is deducted annually from the Dividend and/or Interest Rebate if enough earned or can be paid over the counter.
  • The onus is on the member not the Credit Union to make sure they are covered each year.