AD&D Insurance Changes
Beginning April 1, CUNA Mutual Group will be the new carrier for our Accidental Death & Dismemberment (AD&D) insurance through the MemberCONNECT™ program.
For over 70 years, CUNA Mutual has been serving credit unions and their members, while earning high ratings for financial stability and operating performance from A.M. Best Company.
There will be a nominal rate change on AD&D policies. However, we encourage you to stay in the plan and keep your coverage, as this is a better benefit. CUNA Mutual and their AD&D Insurance policies offer more advantages to our members.
- Personal service and one-on-one phone consulations through the MemberCONNECT™ program.
- AD&D can be purchased through the mail, over the phone (MemberCONNECT™), and through the internet (Members Financial Network Website).
- CUNA Mutual Loan Protection Insurance. This can reduce or pay off an outstanding credit union loan, not including credit card balances. The total benefit is 10% of the additional insured coverage, up to the outstanding balance (max. $10,000).
- Seat Belt & Air Bag benefit, 50% of contributory amount or $150,000.
- Education assistance and spouse education assistance (other carriers only cover dependents).
- CUNA Mutual Group is in the Credit Union Business!
Example of rate changes:
| |
Old Policy |
New Policy |
| Average Policy |
$0.70 |
$0.88 |
$0.80 |
$1.20 |
| |
Individual Cost |
Family Cost |
Individual Cost |
Family Cost |
| $70,000 |
$4.90/month |
$6.16/month |
$5.60/month |
$8.40/month |
AD&D Conversion Process
Here is how the conversion process from our old carrier will occur:
- Current policyholders will be receiving new AD&D policies in mid March, introducing CUNA Mutual as their new carrier, explaining the member’s new premium, and communicating when the premium will be deducted, which will now be on a quarterly basis, rather than monthly.
- The first premium deduction will be April 5, 2006. Future deductions will take place at the beginning, July, October and January.
Please call toll-free 1-800-779-5433 with any questions about your current policy.
To enroll in AD&D insurance, contact a licensed MEMBERS Financial Services Representative at 1-877-MEMBERS (1-877-636-2377), toll-free today for personal attention and a one-on-one phone consultation.
Thank you for your dedication as we look forward to a rewarding new relationship. |
