For many years, the Faroese Workers' Union (Føroya Arbeiðarafelag) has had its insurance with the Danish insurance company ALKA. However, starting January 1, 2025, all insurances will be transferred to Betri Pensjón.

The Faroese Workers' Union requested quotes from Alka and both of the Faroese life insurance companies. Based on the offers we received, it was decided to choose Betri Pensjón.

The agreement with Betri Pensjón means that members will receive the same insurance coverage they had with Alka. However, we have decided to increase the payout amounts in the event of death to 500,000 DKK, and for certain serious illnesses to 125,000 DKK. Additionally, a change has been made so that if a serious illness strikes infants, they are covered from their 1st day of life, rather than the current insurance rule, which only covers them 6 months after birth.

As something new, we now 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 booklet applicable to our group insurance can be found here.

This is a solidarity-based (collective) scheme, where the wage earner is insured from the day they become an active member.

The insurance covers:

• Life insurance up to 67½ years of age: 500,000 DKK (as of 1/1-25)
• Payout for critical illness up to 67½ years of age: 125,000 DKK (as of 1/1-25)
• Payout for critical illness in children, up to 18 years of age: 125,000 DKK (as of 1/1-25)
• Payout at 67½ years of age – however, only for those who have been in the scheme for a specified number of years: 100,000 DKK (as of 1/1-25)
• Subsidy for hearing aids, 1 time per ear, up to 4,000 DKK.

A member who becomes ill or unemployed can continue with the insurance if they personally pay the monthly insurance premium to the Faroese Workers' Union.

Since January 1, 2011, this insurance premium has been 300.00 DKK per month.

The account number for paying the premium can be obtained by contacting your local member association or the Faroese Workers' Union.

If you need advice or assistance, simply call us as usual.

Sincerely,

The Faroese Workers' Union (Føroya Arbeiðarafelag)