Foreign Account Tax Compliance Act
New Plan Family Indemnity Plan
Cuna Mutual has extended the number of plans offered under the Family Indemnity Plan product and is introducing Plan F effective February 1,2014.
The individual benefit allotted to the plan is $650,000 with a monthly premium of $3,432.00.
All existing insured members who have completed the 6 month waiting period and are paid up to date can now upgrade to plan F without any waiting period. This offer is valid for approved upgrades between February 1 to April 30, 2014.
One upgrade per year is still applicable, as such members will not qualify for this upgrade if one has already taken place within the last 12 months.
Also note that all upgrades to the new PLAN F will count as the equivalent of a new FIP enrollment, JUMP START competition.
All other terms and conditions remain unchanged in particular:
- For upgrades to any other plan type (A-E) a six month waiting period will apply
- For New enrollments Plans (A-F ) a six month waiting period is applicable, except in cases of accidental death.