Latest news with #FamilyProtectionPlan
Glasgow Times
30-04-2025
- Business
- Glasgow Times
Pensioner calls for update on Dalmuir Credit Union plan closure
Anne McAulay, 74, explained how she received a letter informing her that the Family Protection Plan at Dalmuir Credit Union was set to close as they were failing to find an underwriter for the policy. It is understood that the current underwriter has chosen to withdraw from the UK Market. Speaking to Glasgow Times, those affected say they fear becoming 'a burden to her family' if they were given nothing when they die. Anne McAulay is calling for quicker action. (Image: Gordon Terris) Anne said: "It's really annoying and worrying, the longer this drags on. I'm concerned that whatever solution is going to turn up is going to cost us a lot more money that we don't have. "There are a lot of really angry people who have paid a lot more than I have. To be told it's going to stop is just not acceptable. "If they are shutting down these policies, then we can't afford to pay £60 a month on a new one. "I'm glad that our MP has helped, I feel like if he didn't come, it could have been swept under the rug." We previously reported how almost 70 pensioners at the credit union, some of whom have been paying for the scheme for 25 years, could be left with nothing if a solution is not found. It is understood that formal communication on next steps is to be provided by CMutual from May 19. Dalmuir Credit Union. (Image: Gordon Terris) Dalmuir Credit Union says it will release a statement once the information has been received next month. The Association of British Credit Unions (ABCUL) Limited say they are aware of the situation and are working with CMutual on next steps. A spokesperson for ABCUL said: "We understand the concerns raised by credit unions and, most importantly, their members regarding the anticipated withdrawal of the CMutual Family Protection Plan product. While the product has not yet been formally withdrawn, we are working closely with CMutual and other stakeholders in anticipation of this outcome. "We recognise the implications this situation may have for members, particularly over the age of 70, who may find their access to financial protection limited. It is these individuals who face the most direct and immediate impact, and our priority is to ensure that appropriate and viable alternatives are explored for them. "The Association was not involved in the decision to withdraw the product, but we have taken proactive steps to support credit unions and advocate for the interests of affected members. This includes facilitating open dialogue, gathering key concerns, and engaging with CMutual to identify potential solutions. "ABCUL remains committed to supporting credit unions in navigating this transition, and we will continue to provide guidance and resources to help them communicate effectively with their members. We encourage any credit union with questions or concerns to get in touch, and we will do everything we can to provide assistance during this challenging time." A spokesperson for CMutual said: "We expect to issue credit unions with the next formal update on the Family Protection Plan (FPP) product during week commencing May 19, 2025, – this will give credit unions and their members involved the opportunity to review their options in one comprehensive update and take any necessary actions. We remain fully committed to working in partnership with the credit unions in the days and weeks ahead
Zawya
17-03-2025
- Business
- Zawya
Sohar International partners with Arabian Falcon Insurance Company to introduce exclusive Insurance protection plans
Muscat: Reinforcing its commitment to delivering customer-centric financial solutions, Sohar International, Oman's best bank, has partnered with Arabian Falcon Insurance Company to introduce a suite of exclusive insurance products. Designed to provide both financial security and peace of mind, the newly launched Family Protection Plan and Life Protect offer comprehensive coverage at competitive rates, ensuring long-term financial well-being for customers. This strategic collaboration reflects Sohar International's commitment to going beyond traditional banking by integrating value-driven financial protection solutions. The partnership aims to empower individuals and families with accessible, innovative, and inclusive insurance offerings that cater to their evolving needs. Commenting on the partnership, Mr. Abdul Qader Al Sumali, Chief Retail and Premier Banking Officer, at Sohar International, stated, 'At Sohar International, we believe that financial well-being extends beyond wealth management—it is about creating a robust safety net that enables individuals to plan for the future with confidence. Through this strategic alliance with Arabian Falcon Insurance Company, we are redefining the role of banks in delivering integrated financial protection. These exclusive insurance solutions ensure that our customers have seamless access to comprehensive coverage without the complexities traditionally associated with insurance products. This partnership underscores our dedication to continuous innovation, providing meaningful solutions that support both individual aspirations and broader economic stability.' The newly introduced Family Protection Plan (FPP) and Life Protect offer several key benefits, ensuring flexibility and affordability for individuals aged 18 to 64, with a maximum coverage age of 65. Coverage options range from OMR 10,000 to OMR 50,000, allowing customers to tailor their plans based on their financial protection needs. Customers wishing to benefit from these plans can visit the bank's branches or contact the bank's call center. Mr. Roland Zaatar, Chief Executive Officer of Arabian Falcon Insurance Company, commented, 'Sohar International has consistently demonstrated a forward-thinking approach by integrating innovative financial solutions that add tangible value to its customers. We are pleased to partner with a bank that prioritizes financial security and shares our commitment to accessibility and inclusivity. With these exclusive protection plans, we aim to simplify access to essential insurance services while upholding the highest standards of coverage, service, and affordability.' The Family Protection Plan (FPP), available in two variants—FPP Platinum and FPP Gold—provides a comprehensive financial safety net. Key benefits include a lump sum payout in the event of death from any cause, financial support in cases of total disability, and an immediate payout upon diagnosis of a covered critical illness. Additionally, the plan extends specialized coverage for hospitalization, female-specific cancer diagnoses for spouses, and protection for domestic helpers. With monthly premium options, the FPP ensures tailored and extensive protection for diverse needs. Meanwhile, the Life Protect Plan is designed for simplicity and affordability, offering fundamental financial security by providing a lump sum payout to beneficiaries in the event of death, total, or partial disability. Understanding the financial strain caused by unforeseen circumstances, this plan helps safeguard family stability while ensuring accessible and essential coverage at affordable monthly premiums. As part of its commitment to holistic financial solutions, Sohar International continuously identifies opportunities to address the diverse needs of the community. By fostering responsible financial planning, the bank ensures that individuals and families have the necessary protection to thrive in an ever-evolving economic landscape. Through strategic investments in innovative solutions, Sohar International remains at the forefront of industry trends, reinforcing its role as a leading financial institution dedicated to driving economic growth and adaptability. About Sohar International With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers' world; and More Vision, liberating stakeholders through talented leadership.
