Due to a 40% increase in benefit death claims, our insurers have had to increase the cost of the Member Death Benefit Insurance (MDBI) premium with effect from 1st January 2023 to €6 a month or €72 per annum.
However, we are pleased to report that we have managed to negotiate an increase in the benefit from €3,250 to €3,500. MDBI still represents excellent value in comparison to similar products offered by other providers.
While there is an increasing number of members signed up for MDBI, it is important that MDBI is supported by a range of members across different age groups, otherwise, the rate is likely to increase again in future years. Members can sign up online for MDBI, which makes the process a lot easier.
This will be communicated to existing members by post or email and all new participants in the scheme will be informed of the new premium.
If you are not currently in the scheme but would like to sign up, please click here.