Navy Federal Credit Union offering free $2K in AD&D insurance, does it make sense?
Navy Federal Credit Union offering free $2K in AD&D insurance, does it make sense?
NFCU (I'm part of) is offering free $2K in AD&D insurance at no cost. Not sure if others got one too. Something free sure seems nice. I don't read any terms that say I commit to something else? Thoughts here?
Last edited by schrute on Sun Aug 04, 2019 1:11 pm, edited 1 time in total.
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
Sure, why not? It is dirt cheap for them, and a good way to advertise. I wouldn't buy it, however.
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
No, this is OK - but of limited value. It only pays for accidental death or accidental dismemberment.
Credit Unions do this (and absorb the cost) because it is very inexpensive AND if you buy more, it is very profitable. The credit union or the insurance company can, then, also market other products to you since you are a "customer".
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
I'm also an NFCU member. Where did you see this offer?
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
This AD&D offer from NFCU is nothing new. It is automatic with a membership at NFCU. It has been around for many, many years. At least 18 according to my insurance records.
Tom D.
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
I signed up with NFCU in the last 6 months and had never heard of this benefit. For anyone interested login to NFCU and click through their insurance products, signing up takes just a few minutes. Thank you for the heads up OP!
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
I thought it seemed like a good free insurance should something happening. It basically costs nothing.dm200 wrote: ↑Sun Nov 18, 2018 6:46 pmNo, this is OK - but of limited value. It only pays for accidental death or accidental dismemberment.
Credit Unions do this (and absorb the cost) because it is very inexpensive AND if you buy more, it is very profitable. The credit union or the insurance company can, then, also market other products to you since you are a "customer".
Have you signed up for it?
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
Schrute - Yes, I have signed up for it and have a certificate issued in October 2003 from the CUNA Mutual Insurance Society, PO Box 61, Waverly, IA 50677-0061 for myself and my wife as members of the Navy Federal Credit Union. I should note that the Group Accidental Death and Dismemberment Policy coverage is $2,000 while under age 70 and $1,000 age 70 and over.
Tom D.
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
I got another one, but haven't signed up yet. Only concern is if they one day decide to then make you pay for it. But I can't imagine once it's signed they change the terms?tomd37 wrote: ↑Tue Nov 20, 2018 2:26 pm Schrute - Yes, I have signed up for it and have a certificate issued in October 2003 from the CUNA Mutual Insurance Society, PO Box 61, Waverly, IA 50677-0061 for myself and my wife as members of the Navy Federal Credit Union. I should note that the Group Accidental Death and Dismemberment Policy coverage is $2,000 while under age 70 and $1,000 age 70 and over.
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
$2000 of AD&D insurance is worth about 50 cents a year.
The credit union would be paying even less, because a lot of valid claims on these small policies never get filed.
It's a cheap form of marketing. The credit union spends more than that on postage to mail the account statements.
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
Wells Fargo sold me that when I was severely sleep deprived. I never knew I had it until they started debiting my account. Eventually, over the next decade, they paid me back.
"We spend a great deal of time studying history, which, let's face it, is mostly the history of stupidity." -Stephen Hawking
Re: NFCU offering free $2K in AD&D insurance, does it make sense?
Yes!talzara wrote: ↑Sat Apr 27, 2019 8:01 pm$2000 of AD&D insurance is worth about 50 cents a year.
The credit union would be paying even less, because a lot of valid claims on these small policies never get filed.
It's a cheap form of marketing. The credit union spends more than that on postage to mail the account statements.
It also "pays for itself" if the insurance company gets almost any additional insurance business from you - life, disability, auto, homeowners, etc.