Life Savings Insurance Termination Frequently Asked Questions:
Why is Life Savings no longer going to be available to me?
With this product experiencing increased government regulation and a steady decline in demand, our partner, CUNA Mutual Group, made the difficult decision to exit Life Savings. This product was developed more than 75 years ago; they have run their course and have become outdated in today’s economic environment.
When will my coverage for this product expire?
Your coverage will expire on December 31, 2014.
Will an alternative product be offered?
For Life Savings, you have the option to convert your certificate to a primary protection life product. This new policy would provide life insurance coverage up to $5000. 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.
Who can I contact to learn about other available options?
To request an application, call CUNA Mutual Group at 855.728.5205 to speak with a fully licensed insurance representative.Their trained staff can help you find coverage that best fits your needs. They will review your situation with you and provide guidance to ensure you have the right type and amount of insurance protection.
How long will they honor claims?
Coverage on existing eligible deposits will cease on January 31, 2015. That means, if you should pass away on or before January 31, 2015, your beneficiaries should submit a claim with your credit union immediately.