Will multiple Credit Unions pay Death Benefit ?

Spirogyra

Hi I'm not ill at the moment and relatively young. However I've a few different Credit Union Accounts. Each will pay E1300 when I die. I'm wondering whether multiple Credit Unions will do this or is it restricted to just one ?. I'm aware of funeral expenses and just want to make sure affairs are in order whenever the time comes

THanks

S

coylemj

You can have as many death benefits as you are prepared to pay for. Where duplication and overlap is not allowed is with insurance i.e. if you insure your house with two different companies and have a fire or major accident, you are not allowed to claim a benefit from both insurers whereby you are in profit from the incident.

As with all CU enquiries, the answer must be qualified by the fact that no two CUs are the same (so check the Ts & Cs) but you can go out tomorrow and take out policies on the same life with two different life assurance companies so there is no legal impediment to you getting paid a death benefit from different CUs.

I think the death benefit from a CU typically tapers down as you age so if you are fortunate enough to live into old age, you may get nothing. Again, check the Ts & Cs.

FMG

I think the account of the deceased must hold a minimum of € 200 for a death beifit to be paid to next of kin .