An Cosantóir

An Cosantóir February 2015 www.dfmagazine.ie 40 | On a practical level the law society advise that " probate takes around three months for a simple estate, whilst the average length is six months and for more complicated estates where property is involved or inheritance tax, it could take a year of more". This is why the friendly society insurance plan is so important to cAOGA members. its run by the cAOGA committee, and this means that we can get benefits to bereaved members almost immediately, ensur- ing that they have no financial worries around burial and funeral arrangements. The Friendly Society Benefit is a bereavement grant which caters for the immediate aftermath of the death of a mem- ber only; this is why it is essential that members also join the Group Life Assurance Scheme which caters for the family's needs into the future. When setting up the scheme in 1949, Bill Carroll intuitively stated that the Friendly Society Benefit should not be a replacement for other insurance. His words came to pass with the setting up of the Group Insurance Scheme in 1979. The Group Scheme benefit caters for the long-term financial security of the family in the event of the death of a key fam- ily member. Research by the Insurance Association of Ireland confirms that only 4% of public sector workers who have employee assisted policies are covered for more than two years earnings. Sixty percent have the equivalent of just 1 year's earnings. The rule of thumb among insurers, financial planners and customer advocates is that one needs enough to re- place at least 5 years of the income of a member. It is important to stress that this is separate from mortgage protection and that the Group Plan cannot be used as protection on a mortgage. In the post Celtic Tiger years, members are aware of the need to place their money on deposit with minimal risk, so that it will be available for education and other impor- tant life events so as to enhance the welfare and security of the bereaved family. It is imperative that bereaved members seek independent legal advice in relation to the prudent investment of their loved one's life insurance benefits. It is for this reason that members require to be in both the Friendly Society Scheme from which they will receive an a benefit of €20,000 within a month of the death of a member or spouse member (€10,000 within 48hrs) and the Group Scheme which pays a maximum benefit of €350,000, which requires a valid will and a Grant of Probate. Central to the financial planning of any family is the production of a will which is geared to the current circumstances of the family. The cAOGA benevolent fund CAOGA operates a Benevolent Fund reflecting our interest in the wellbeing of our members and their families. CAOGA is about Officer Welfare and in that regard we pride ourselves on providing confidential assistance to Officer and their families through our Benevolent Fund to which serving members contribute €2.00 per month. Applications are pro- cessed on a strictly confidential basis and this year for the first time we have opened up applications to retired members of CAOGA, in recognition of their contribution to CAOGA and the Defence Forces during their years of service. Admission of partners The CAOGA Committee is very aware of the importance of responding to the needs of officers and is conscious of the need to ensure that the rules of CAOGA are reflective of the way we live our lives today. With this in mind, in 2013 we made changes to the rules of CAOGA to admit the partners of members, either same or opposite sex to the CAOGA Friendly Society and Group Life Assurance Plan. Admission is on foot of a written declaration by the member that they are cohab- iting with their partner for a period of one year. Eligibility is conditional on both cohabiting members being legally free to marry. (This is not to be confused with the admission of Civil Partners; under the Civil Partnership and Certain Rights and Obligation of Cohabitants Act 2010 Act which was adopted by CAOGA in 2011.) It should be noted that retired Defence Forces Officers may also, since our 2014 AGM, join their spouses and partners to CAOGA once they fall within the eligibil- ity criteria of the scheme. The admission of partners is designed to cater for members living in common law type relationships. Rules are similar to those adopted in relation to spouses and Civil Partners of members. The response to this initiative has been considerable and it has yielded many new members to CAOGA. IN THE DIgITAl AgE, SoME FuNDAMENTAlS NEVER CHANgE

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