November 17, 2020
Attention: Changes to Members Death Benefit Insurance
Capital Credit Union’s Member Death Benefit Insurance (MDBI) has been available to our members since January 2018. In that time, it has been a critical support to our members when they need it most, offering a lump sum benefit of €3,250 upon bereavement.
Every year our insurers review the MDBI program with Capital Credit Union and since 2018, the annual cost of the program has been €48 per year or €4 per month. Having completed this years’ review with our insurers, we have received confirmation that they will be seeking an increase of €1 per month for the 2021 calendar year program. The main reason for the increased premium is the high level of claims paid this year.
This will result in the monthly cost rising from €4 to €5 and the annual cost rising from €48 to €60. Your benefit remains unchanged at €3,250. We recognise that, while an increased premium is unfortunate, we are happy that the price remains competitive and importantly, the lump sum benefit will remain the same.
If you wish to remain in the MDBI program, you do not need to take any action – your renewal will occur automatically. As membership to MDBI is optional, you can withdraw from the program at any time by writing to us, and we will cease your premium. All members who are signed up to the MDBI will be contacted by email or letter in the coming days.
On behalf of the Board, our volunteers, and the staff at Capital Credit Union, we would like to thank you for all your support throughout the year and your participation in our MDBI program.