NEW YORK – United Nations FCU said this morning it has introduced a credit card-linked term life insurance that uniquely covers war, terrorism and political violence for United Nations employees serving in all of the world’s troubled spots.
The new program, offered through Clement Worldwide, an insurance provider for expatriates and international organizations, enables U.N. FCU members in more than 200 countries to automatically pay their monthly premiums using their Visa credit cards.
“We recognized that individuals residing in conflict zones or members who must travel frequently were often barred from participation in other plans,” said Stephen Ryerson, president of UNFCU Financial Advisors, the $3.5 billion credit union’s wholly owned CUSO.
Most traditional life insurance policies exclude coverage for acts of war, terrorism, political violence, charter flights and impose geographic limitations, so are often inadequate for some U.N. FCU members and the risks they face. The new term life insurance program covers many of these exclusions as well as conventional risks worldwide. It provides worldwide coverage – 24 hours a day, 7 days a week; guaranteed admittance available for U.N. FCU credit cardholders up to age 65; automated credit card billing; and quick and easy enrollment.
The platform has already attracted avid interest among eligible U.N. FCU members with policies obtained in over 70 countries during the first weeks alone.
U.N. FCU first began partnering with Clements in 2005, and in 2010 introduced the first International Term Life and Personal Accident Insurance designed for expatriates and local nationals working on the front lines. A similar flexibility to create new, specialty products proved instrumental in bringing the current product to market.
