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Credit Union PAID Insurance

Anon456
  |     |   249 posts since 2011

I get these mailers all the time that my credit union has provided a PAID benefit, either life insurance or AD&D coverage at no cost to me.

Is this REAL or a marketing ploy (scam)? Has anyone on this web site ever had a family member payout, or even know of some family that received a payout on the basic policy paid for by the credit union?

The reason I ask is that I am trying to set up instructions for my Executor to follow up on misc items, and other than a marketing mailing, I have no proof of the this coverage. The current one produced a second mailer with an offer to upgrade to higher coverage, but ALSO said that I MUST ACTIVATE the basic coverage to keep it. (seems odd since it is reported to have already been PAID by the CU). To Activate, I must sign the form, and mail it back (at my expense for the postage) and I still never have any PROOF of this coverage. Cannot email or fax, must buy a stamp and mail it in ..... but to what avail??

So my question to this forum is: Is this FOR REAL INSURANCE, paid for by the credit union, or just a marketing ploy. I think the answer is in any payouts EVER from the insurance company! Please let me know if you have any experience with coverage! - - - - thanks.

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4


Answers
me1004
  |     |   1,379 posts since 2010
Yes, its real. I've only gotten them for AD&D. That is always limited to only $1,000 coverage, and they try to get you to buy more.

But this AD&D sounds like junk insurance tome. You have to have a specific combination of obscure injuries to collect anything. Its not coverage for just any injury from an accident. But since the $1,000 is free, I take that, but I don't buy any more. But be careful, they will every few months send you form to sign for your insurance, and if you're not careful and actually sign that, that form is NOT for the $1,000, it is to buy more -- I wonder how much money they have made by confusing people about that.

This is free because $1,000 coverage level would cost hardly anything, probably about $1 a month, and the insurer is more than happy to spend $1 a month for marketing, that's cheap advertising.

I've never gotten any such for life insurance, only marketing materials seeking to sell it.
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9
Ricochet
  |     |   522 posts since 2010
Yes, really odd AD&D. You lose right eye, three fingers of left hand and big toe on right foot at the same time j/k. Then the payout is cut in half if you get too old.
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2
MidAtlantic
  |     |   142 posts since 2012
I get them from PenFed. It is real AND marketing. A very basic level of life insurance in the hope that I will upgrade and pay for further coverage, which I never do.
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8


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