Group Life Plan
Group Life Assurance Plan – A Must for all members
The CAOGA Friendly Societies plan has charitable status and is legally constrained in the amount of death benefit that it can pay, approximately €20,000. It is therefore essential that all officers of the Defence Forces join themselves and their spouses in the Group Life Assurance Plan.
The main reasons for doing so are:
The group approach gives greater purchasing power when compared to the individual, leading to cheaper premiums.
- For members of the Defence Forces, being in a group plan is even more important that for civilians as many of our members such as pilots and Ordnance Bomb disposal officers will be subject to a loading due to their employment.
- An individual looking for protection cover has to complete a full proposal form and may have to attend for medical examination, following which the premium could be loaded or cover denied.
- Groups are given non medical limits and therefore there is no extensive form filling and generally no requirement for medicals.
- The group approach spreads the cost of cover more evenly bringing about affordable cover for older (all) members regardless of age.
“Remember, the younger members of today will be the older members of tomorrow.”
The plan is recosted at regular intervals, normally every 3 years, and takes into account the number, age profile and sex of members, the level of benefit and the number and amount of claims paid in the previous 3 to 6 years. The fewer the claims paid the better the position we are in to negotiate terms for the next 3 years.