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Death Benefit Insurance
Omagh Credit Union also provides Death Benefit Insurance for all eligible members. The cost of this insurance is just £18.65 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.
Changes have been implemented to the way the Death Benefit Insurance will be deducted from member's accounts from 1st December 2022. All members now have the choice to either OPT IN or OPT OUT for the premium to be AUTOMATICALLY DEDUCTED from their shares on a annual basis.
This form can be downloaded by clicking here or pop into the office in Omagh or our sub office in Newtownstewart.
ONLY MEMBERS WHO HAVE SIGNED THE FORM WILL BE COVERED FROM 1st DECEMBER 2022.
Ask a member of staff for further details .
Disclaimer: The Death Benefit Insurance is an annual product provided by the Irish League of Credit Unions which can be withdrawn at any time.
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 when joining Omagh Credit Union Ltd.
- The premium is deducted annually from the Dividend and/or Interest Rebate if enough earned or can be paid over the counter. This is NOT automatic cover, please check with staff each and every year to make sure you are covered, if you wish to be part of the scheme.
- The onus is on the member not Omagh Credit Union to make sure they are covered each year.
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