For many years, the Faroese Workers' Union (Føroya Arbeiðarafelag) has had its insurance policies with the Danish insurance company ALKA. However, as of January 1, 2025, all insurance policies will be transferred to Betri Pensjón.
The Faroese Workers' Union requested tenders from Alka and both Faroese life insurance companies. Based on the offers we received, it was decided to choose Betri Pensjón.
The agreement with Betri Pensjón ensures that members receive the same insurance coverage they had with Alka. However, we have decided to increase the payout amounts upon death to DKK 500,000, and for certain critical illnesses to DKK 125,000. Additionally, a change has been made regarding illnesses affecting young children: they are now covered from the first day of life, rather than after 6 months as in the current policy.
As a new benefit, we now also offer a subsidy for hearing aids.
The agreement is valid for five years—from January 1, 2025, up to and including December 31, 2029.
The brochure applicable to our group insurance can be found here.
This is a collective (solidarity-based) scheme, where the employee is insured from the day they become an active member.
The insurance covers:
Life insurance up to age 67½: DKK 512,500 (as of 1/1-26)
Critical illness payout up to age 67½: DKK 128,125 (as of 1/1-26)
Critical illness payout for children up to age 18: DKK 128,125 (as of 1/1-26)
Payout at age 67½ (only for those who have been in the scheme for a specific number of years): DKK 100,000(as of 1/1-25)
Subsidy for hearing aids, once per ear, up to DKK 4,000 (starting 1/1-2025)
Payout when the member turns 67½ years old: DKK 100,000 (as of 1/1-26). Note: A condition here is that the person has been a member for at least 10 years in total, and has also been an active member for the last 10 consecutive years, paying percentage-based membership fees, life insurance premiums, and pension contributions during these years.
A member who becomes ill or unemployed can maintain their insurance coverage by personally paying the monthly insurance premium to the Faroese Workers' Union.
Since January 1, 2011, this insurance premium has been DKK 300.00 per month.
The account number for making payments can be obtained by contacting your local union branch or the Faroese Workers' Union.
If you need advice or assistance, please feel free to call.