Why Should your Credit Union Belong?

Benefits of Your Credit Union Belonging To The National Financial Co-operatives Group Benefits Plan

Benefit #1
Co-operative Partnership

There are many reasons for participating in the National Financial Co-operatives Group Benefits Plan ranging from the altruistic – the desire to support the co-operative movement – to the practical – it’s an excellent program. The National Financial Co-operatives Group Benefits Plan has a relationship with the insurer, CUIS that is unique in the industry. This relationship has resulted in a flexible, yet comprehensive range of products and a dedicated service delivery model through a collaborative partnership between the Centrals, CUIS and participating credit unions.

Benefit #2
Pricing Advantages - The National Financial Co-operatives Group Benefits Plan Refunds Surplus Funds

The group benefits underwritten through The National Financial Co-operatives Group Benefits Plan are handled on a fully insured, experience-rated funding basis. This means that, because of its size, The National Financial Co-operatives Group Benefits Plan is self-funding.

Premiums paid into the program are used to fund current and future claims liabilities together with the expenses related to the running of the program. As the liabilities rise and fall, so do the overall premium requirements. This means there is not a lot of margin or excess in the premium rates – the Plan takes in only what it needs.

If there are excess premiums paid into the program, these surplus funds are refundable back to the plan on contract termination. If there is a deficit on contract termination – i.e. premiums are insufficient to cover the Plan liabilities – CUIS is on the hook for this deficit and not the Plan. This is a tremendous financial advantage to National Financial Co-operatives Group Benefits Plan participants.

Participating organizations also have the advantages of reduced “retention” or administration charges through the real economies gained from large group purchase.

Benefit #3
State of the Art Employee Benefits Coverage - Flexible Organizational Design Options

If your organization has 50 employees or less you may find one of the four packages specifically designed for smaller credit unions will suite your credit union’s needs.

Maybe your organization has more than 50 employees and you want more customization or design options then what’s offered in the four pre-designed packages, we can accommodate your organizational needs as well. Your CUIS Call Centre and Central Benefits Representatives are eager to work with you to customize your employee group benefits package, ensuring your plan is strategically aligned to your organization’s human resource goals and technically designed to your credit union specifications and budget.

Benefit #4
Human Resources Expertise from Across Canada Working on your Behalf Managing the National Financial Co-operatives Employee Benefits Plan

You have human resource professionals from across Canada working throughout the year on your organization’s behalf on long-term strategy, product design, marketplace research, and pricing strategies. This approach ensures your credit union isn’t duplicating effort with its neighboring credit unions and gives your organization access to qualified professionals that have an intimate understanding of credit unions and group benefits.

Benefit #5
Independent, Third Party Actuarial Expertise Working for You
A distinct advantage of The National Financial Co-operative Employee Benefits Plan is its independent, third party consultant. Mercer Human Resource Consulting advises The National Committee on strategy, underwriting, pricing, design, marketing trends and education. This expertise ensures The National Financial Co-operatives Group Benefits Plan continues to offer state of-the-art, competitively priced group benefits.

Benefit #6
Credit Unions Big and Small Can Benefit From Large Group Coverage

Most insurance companies like to pick and choose their clients, often decreasing coverage when dealing with smaller policy holders. We don’t think that’s fair.
The National Financial Co-operatives Group Benefits Plan believes that every employee should have the same opportunity for coverage, regardless of the size of their credit union. That’s why human resource professionals from across Canada’s cooperative system continue working together to make The National Financial Co-operatives Group Benefits Plan one of the most comprehensive insurance plans available, anywhere across Canada ensuring credit unions large or small benefit from large group coverage.

Benefit #7
Service Delivery – Support when you need it

CUIS Call Centre
The CUIS Call Centre is devoted and only serves participating National Financial Co-operatives Group Benefits credit unions. A team of three full-time professionals are all focused on providing your organization and its employee timely accurate answers to their questions. CUIS Call Centre 1.888.383.4233 Option 9

Central Benefits Representatives
Your National Benefits Representatives are available throughout the year to assist in all areas of employee group benefits and are your link to the National Committee. Design consulting, market research and information and educational sessions are all available through your central representative at no additional charge.

Technology Services
Employers and employees the like have access to a wealth of information through The CUIS/Co-operators web-site.

For your entire credit union web based services visit The Co-operators web-site at:
The Co-operators - Home

Newsletters and Up-to-date Employee Benefits Information
Our group benefits publications provide credit union clients with information on important issues that affect group benefit plans, benefit trends and links
2006 Annual Report Card

Benefit #7
Your Employees Aren’t Required To Provide Evidence Of Insurability

The National Financial Co-operatives Group Benefits Plan does not require employees to show medical evidence at time of enrolment for benefits. The same can’t be said for other insurance providers, many of whom may “grandfather” existing employees but require new employees to submit to a medical check – including blood sampling.