Niagara’s Choice Federal Credit Union has a tradition of offering our members rock bottom loan rates and high yields on savings.  Time and again, this is what our members tell us they want.  To continue meeting this commitment, we are making some changes to help better manage our expenses and align services with the needs of the majority of our members.

                       

Effective October 31, 2005, we are canceling our Life Savings Insurance group policy — term life insurance we provided at no cost to you on eligible savings deposits.  Coverage on existing insurable deposits will end on December 1, 2005, the last day of the conversion period.  Please destroy any CUNA Mutual Life Savings Certificate of Insurance at that time.

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 member pay, whole life plan up to $2,000.  If you apply within the stated time period, there are no age restrictions, waiting periods, exclusions, or health questions.  The coverage builds cash values and may pay dividends after the second year.  If you convert, your new policy will be effective December 2, 2005, and premiums will be based on your age on that date.  Conversion is simple.  Just request, complete, and return an application with your first premium payment to CUNA Mutual Insurance Society by December 1, 2005.  Below are sample premium rates for conversion to the whole life policy offered by CUNA Mutual Group:

 

ORDINARY LIFE ANNUAL PREMIUM FOR A $1,000 POLICY

                       

 (Minimum policy issued $500)

 

We’ve also asked CUNA Mutual to make other low-cost plans available as replacement options.  These plans are subject to insurability.  Again, you must request, complete, and return an application in order to receive coverage.

 

We feel it’s important to carefully consider the options discussed above.  To request an application, call 1-800-356-6006 to speak with one of CUNA Mutual’s knowledgeable, fully licensed service representatives.  It’s easy, convenient, and confidential…and there’s no obligation to buy.  Best of all, CUNA Mutual, the credit union insurance company, is known for its comprehensive protection, excellent service and low rates.

 

If you have any questions about these changes, please call us at 716-284-4110.  As always, we appreciate the opportunity to serve you.