An Cosantóir

12 | Worry and Guilt or Collective Responsibility CAOGA GROUP LIFE ASSURANCE MEMBERSHIP - A NO BRAINER BY COMDT PAULINE O'CONNELL (SECRETARY CAOGA) A recent survey portrayed Irish consumers as emotional financial decision makers, with worry and guilt driving their financial choices. Accord- ing to the survey by Caledonian Life 60% of Irish brokers say that a sense of worry was the biggest driver for clients opting to take out life assurance. While worry about being prepared if something bad happened was a significant factor 34% of respon- dents took a more practical approach and purchased financial products, including life assurance, because they felt that they are a necessity and wanted to take a proactive approach to financial planning. Officers in the Defence Forces owe much to the fore- sight of Capt Bill O'Carroll who set up CAOGA in 1949 after seeing the plight of the widow of a 2 Inf Bn officer forced to raise a family on a pension that was a quarter of her husband's salary. Since then CAOGA has provided life assurance cover for Defence Forces officers. Almost 60 years on the original scheme is still the cornerstone of CAOGA today. The principles and values governing CAOGA are unchanged. In his case to the military authorities concerning the setting up of CAO- GA, which pays out a death benefit of approximately An Cosantóir December 2011 €20,000, Bill O'Carroll intuitively stated that this Friendly Societies Benefit should not be a replacement for other insurance. His words of caution have come to pass with the setting up of the Group Life Assurance Scheme in 1979, which now pays out a benefit of €350,000 in the event of the death of a member. Whatever the findings of the Caledonian survey, the emotion driving officers' decisions in joining CAOGA is a genuine desire to protect his or her loved ones in the event of the death of a key family member – a mature and responsible decision made in the interest of one's family. By joining the CAOGA Group Scheme, as young officers we are assuming collective responsibility for the welfare of ourselves and our colleagues. With the demise of the Celtic Tiger we as a nation are reassessing our priorities and values and realising that health, wellbeing and financial security are our top priori- ties. The pressures of post-Tiger Ireland are greatly adding to the stress in people's lives and we are now, more than ever, asking if we have made adequate provision for our families in the event of the death of either spouse. While all types of insurance have become more expensive, cus- tomers are putting need above greed and realising that in the event of the death of a loved one an adequate and affordable life cover is required. The latest Group Life Assurance Plan, underwritten by Generali was negotiated by the CAOGA Committee on behalf of our members, cognisant of the current financial climate and the desire to ensure that members with great- est need are adequately covered. Retaining our membership base has never been more important and whether you are a cadet, a serving captain or a retired colonel, your membership is valued. For the first time, cadets will be covered free of charge with a benefit of €30,000, provided they sign up to the

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