Planning for the future often involves thinking about how loved ones may be supported when unexpected events occur. To help provide additional financial assistance at a difficult time, Phoenix Credit Union offers the Member Death Benefit Indemnity Programme.
This optional service has been introduced by the Board of Phoenix Credit Union to help members continue to access a meaningful death benefit into the future.
For a small annual fee of €84, eligible members can secure a guaranteed lump sum payment of €3,500 on death, subject to the programme's terms and conditions.
What is the Member Death Benefit Indemnity?
The Member Death Benefit Indemnity is a group life cover programme arranged by Phoenix Credit Union and underwritten by Aviva Life & Pensions Ireland DAC.
The programme provides:
- A fixed death benefit of €3,500
- Guaranteed acceptance for eligible members
- No medical questions or medical examinations
- Financial support that may help with funeral and related costs
Unlike traditional insurance products that may require medical assessments, eligible members can join the programme without completing medical questionnaires.
Who Can Join?
Members may join the Member Death Benefit Indemnity Programme if they:
- Are between 6 months and 71 years of age
- Are an active member of Phoenix Credit Union
- Are the first or second named holder on an account covered by Life Savings Insurance
- Hold a minimum of €380 in shares
Once enrolled, and provided eligibility requirements continue to be met, cover remains in place subject to the annual renewal of the programme.
Cost and Key Features
The programme is available for an annual fee of €84, which is deducted directly from the member's credit union share account.
Key features include:
- A fixed benefit payment of €3,500
- No medical questions
- Optional participation
- Annual cover
- Automatic renewal, subject to programme renewal and continued eligibility
The programme is designed to provide a straightforward benefit without the need for medical underwriting.
How Much Is the Benefit?
The benefit payable under the programme is a fixed sum of €3,500.
An Optional Benefit for Eligible Members
- The Member Death Benefit Indemnity Programme provides eligible members with access to a guaranteed death benefit designed to help with funeral and related expenses.
- With guaranteed acceptance, no medical questions, and a fixed benefit of €3,500, the programme offers an additional option for members who wish to put this support in place.
- To learn more about the Member Death Benefit Indemnity Programme, review the Member Key Facts document, speak with a member of the Phoenix Credit Union team, or visit www.phoenixcu.ie.
- The benefit is paid to Phoenix Credit Union
- The amount is then credited to the member's account
The benefit level may be reviewed by the insurer at renewal, and any changes will be communicated to members in advance.
How Does the Programme Work?
The Member Death Benefit Indemnity operates on an annual basis.
The cost of cover is collected once each year and deducted directly from the member's share account. Phoenix Credit Union then pays the insurer on the member's behalf.
If the programme is renewed and the member remains eligible, cover renews automatically each year.
Members joining during the year may qualify for a reduced pro rata fee depending on when they enrol.
It is important that sufficient funds remain in the share account to cover the annual fee. If payment cannot be collected, cover will cease.
Programme Dates
The programme operates on a calendar year basis from 1 January to 31 December.
The current programme commenced on 1 July 2026.
Thereafter, participation will automatically renew each year on 1 January, provided the member continues to meet the eligibility requirements, including maintaining a minimum share balance of €380.
Can Members Leave the Programme?
Yes.
Members may opt out at any time by providing written notice to Phoenix Credit Union.
If a member leaves during a programme year:
- Any unused portion of the annual fee will be refunded
- The programme has no cash value or surrender value
Important Information
Members should be aware of a number of important conditions associated with the programme.
The Member Death Benefit Indemnity:
- Is not a savings product
- Does not build up a cash balance
- Provides cover only while eligibility requirements are met and fees are paid
Certain exclusions apply, including death resulting from:
- War
- Certain illnesses during the first six months of cover
- Suicide within the first twelve months of cover
- Criminal activity
- Full details can be found in the Member Key Facts & Policy Summary document.
An Optional Benefit for Eligible Members
- The Member Death Benefit Indemnity Programme provides eligible members with access to a guaranteed death benefit designed to help with funeral and related expenses.
- With guaranteed acceptance, no medical questions, and a fixed benefit of €3,500, the programme offers an additional option for members who wish to put this support in place.
- To learn more about the Member Death Benefit Indemnity Programme, review the Member Key Facts document, speak with a member of the Phoenix Credit Union team, or visit www.phoenixcu.ie.
