GROUP INSURANCE SCHEME UPDATE SEPTEMBER 2016
From 1st September 2016 there will be a number of changes to the Federation Group Insurance Scheme.
The new costs for membership of the scheme will be as follows:
Serving Member £24.79
Co-habiting Partner of Serving Member £5.85
Retired Member Aged under 65 £29.60
Retired Member aged 65-69 £22.70
Co-habiting partner of Retired Member £8.00
Critical illness Top Up of £5,000 £1.40
Critical illness Top Up of £10,000 £2.80
Critical illness Top Up of £15,000 £4.20
Life Cover Top Up of £25,000 £2.70
Life Cover Top Up of £50,000 £5.40
Life Cover Top Up of £75,000 £8.10
There have been some changes to the cover provided by the scheme.
· The addition of cover for Ductal Carcinoma In Situ, as a condition covered by the critical illness policy. This relates to new claims diagnosed after 1st September 2016. (Critical illness cover is not provided for partners of retired officers, or retired members over 65).
· An increase in the benefit level for the loss of sight in one eye, or the loss of one limb to £60,000. (Serving members only).
· An increase in the policy excess for mobile phone cover to £75 per claim
· The introduction of a new benefit within the accident element of the policy. If as a result of an accident a member is in a coma, £25 for each night, that they remain in a coma, can be claimed for up to a 12 months period. (Serving members only).
· The cover for accidental damage to teeth has been increased to a maximum of £2,500. (Serving members only).
· There is a new benefit of £2,500 for those who are subject to a serious assault where a firearm is used. (Serving members only).
· There is a new benefit of £1,250 for those who are subject to a serious assault where a knife is used. (Serving members only).
We would also like to take this opportunity to remind members who have the additional partner cover, that this cover is for your partner at the time the cover was taken out. If you have changed partner, please contact the Federation office on 01844 261811.
We would also like to encourage members to update their beneficiary nominations. Who would you like to receive the insurance payment in the event of your death. The forms can be found on the Federation website, http://www.tvpfed.org/group-insurance-scheme
For serving members cover ends on your 65th birthday. Retired members can continue to receive cover until their 70th birthday.