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The Family Indemnity Plan Print E-mail

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Product Overview

“Losing a loved one is difficult…….paying for the funeral expenses doesn’t have to be”. The Family Indemnity Plan is a group life insurance plan that provides a level cash benefit in the event of death of an insured person. The FIP offers financial comfort during difficult time – providing a benefit to be used to cover the funeral cost for yourself and eligible family members. The FIP provides for a total of up to six (6) eligible family members’ to be insured at any one time.

Advantage for Credit Union:

  • Offers a unique product that will attract members to the credit union.
  • Provides an addition benefit to your membership
  • You meet an important member need for financial assistance at a difficult time.
  • Having your members enrolled in the FIP frees up funds for other types of productive lending.
  • Marketing the FIP can help your staff improve their cress-selling skills.
  • Marketing and administering this plan yields non-interest income for the credit union.

Advantages for Members:

  • One less thing to worry about at that already stressful time.
  • Allows for a decent send off for a family member.
  • Members can choose the plan best suits his or her needs.
  • No medical examination or questions.
  • Lifetime insurance coverage.
  • Payments for claims are made within two (2) days.
  • FIP covers up to six (6) eligible family members.


 

 

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