CUNA Mutual Group to discontinue Life Savings Insurance
As we announced in a prior newsletter, CUNA Mutual Group has decided to discontinue its life savings insurance product effective December 31, 2014. The following is the official termination notice:
At CMFG Life Insurance Company, we regularly evaluate our products to ensure we are delivering value to the credit unions and members we serve. Due to a significant decline in demand from credit unions and their members, we have made the difficult decision to exit the Life Savings product currently offered to you through VASCO Federal Credit Union. Life Savings was developed more than 75 years ago and has been in a steady state of decline for the last several years. Life Savings is structured as a monthly policy where the credit union pays the premium for each month, rather than building equity over time.
Per the terms of the group policy issued to your credit union, your Life Savings Insurance will expire on December 31, 2014.
This insurance has been provided at no direct cost to you for eligible deposits. Coverage on existing eligible deposits will cease on January 31, 2015. This means, if you should pass away on or before January 31, 2015, your beneficiaries should submit a claim with your credit union immediately.
We know many of you value the peace of mind and security that life insurance provides. That’s why we wanted you to know you can convert your Life Savings coverage to a guaranteed issue Primary Protection Plan, underwritten by CMFG Life. This new policy would provide life insurance coverage up to $3000. If you decide to take advantage of the conversion option, you must apply by January 31, 2015. You will be responsible for premium payments, and your new policy will be effective after you complete the application process. Your premiums will be based on your age at time of application.
Conversion is simple. Just request, complete, and return an application with your first premium payment directly to CMFG Life by January 31, 2015 in order to receive coverage. To request the application, call 855-728-5205 to speak with a fully licensed insurance representative. CMFG Life’s staff will review your situation with you and provide guidance to ensure you have the right type and amount of insurance protection for you and your family based on your current and future needs.
The decision to discontinue this product was made by CUNA Mutual Group and not your credit union. We have offered this benefit to members since the credit union’s founding in 1967. If you are interested in continuing coverage, please do not contact the credit union. Contact CUNA Mutual Group directly at 855-728-5205.