Do all CUs have life insurance for their members? If a member dies does this policy pay out to the survivors?
How long after the death of a member could this be claimed?
The person is dead now over 9 years and no one from the CU has ever approached the parents.
My understanding is that the first €23,000 is paid out according to the nomination and the remaining balance is paid into the estate.. If the total savings, including insurance, exceeds €23,500, it all goes into the estate. Up to that level is excluded from the extate and distributed according to the valid nomination.
You are correct. My apologiesMy understanding is that the first €23,000 is paid out according to the nomination and the remaining balance is paid into the estate.