CMFG Life Insurance
The following message is from CUNA Mutual regarding the CMFG Life Insurance:
At CMFG Life Insurance Company (CMFG Life), 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 Southern Gas Federal Credit Union. Life Savings was developed more than 75 years ago and has been in a steady 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 October 31, 2014.
This insurance has been provided at no direct cost to you for eligible deposits. Coverage on existing eligible deposits will cease on October 31, 2014. That means, if you should pass away on or before October 31, 2014, 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 $2000. 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. Our staff will review your situation with you and provide guidance to ensure you have the right type and amount of insurance for you and your family based on your current and future needs.
Please contact CMFG Life at 855.728.5205 with any questions.
Executive Vice President, Chief Products Officer
CUNA Mutual Group
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2205 East Roosevelt Road
Little Rock, AR 72203
(inside CenterPoint Energy building)
Phone: (501) 374-2031
Fax: (501) 374-2041
P.O. Box 2600
Little Rock, AR 72203