In case of severe injury, members of the Faroese Workers’ Union are insured in case of death, certain critical illnesses or if children under 18 contracts certain critical illness.
In addition to this, members of the Faroese Workers’ Union also have the right to a final benefit, on the condition that they have been members of the Faroese Workers’ Union for at least 10 consecutive years when they are 67 years old.
The insurance fee is 1.5% of the wage and is paid to the union together with the membership fee and the pension fee. If you are forced off the work market before you are 67 because of illness, you can remain in the system if you continue to pay a fee of DKK 300 every month. Remember to examine your insurance, if you are forced to leave the work market.
Rates in 2021:
- In case of death: DKK 373.560,00
- In case of critical illness: DKK 93.389,00
- In case of child’s critical illness: DKK 93.389,00
- Final benefit (only for those who have been members for the last 10 years, from age 57 to 67): DKK 100.000,00
All insurance rights and conditions for payment are available in the booklet “Joint Life Insurance for Faroese Workers’ Union.”