The FOP recently approved the addition of a new Life Insurance Program (FOPLP). This new program offers valuable benefits for both you and the FOP.
You receive a $100,000 death benefit — at no cost to you if you participate in the FOPLP and qualify after answering a few health questions. In the event of your death, your chosen beneficiary can use the $100,000 benefit to replace lost income, pay for final or burial expenses, etc.
How it works
Under the new program, the FOP Pension and Welfare Fund sets up a Life Insurance Trust to purchase life insurance policies on participating union members. Proceeds from the life insurance will be used to help fund future pension and benefit expenses that will help all FOP members.
The Life Insurance Trust will own the life insurance policies and pay all associated premiums. Although you will be insured under the program, you and your estate will have no ownership interest in the policy, except for the $100,000 death benefit. Similar life insurance programs have been used in the corporate and banking worlds for years and are carefully structured and managed.
We are excited about this opportunity to provide you and your loved ones with extra financial peace of mind. And while we hope that all eligible members choose to enroll in the FOPLP, participation is completely voluntary.
