Even though all the money in the world can’t make up for the loss of a loved one, it can make a difficult situation easier. CUNA Caribbean Insurance OECS Limited (CUNA Caribbean) Advance Protector Insurance helps to reduce the debt a member’s family will have to assume at the time of his death or if a member becomes totally and permanently disabled or temporarily disabled. Under Advance Protector, the insurance pays the loan balance, up to the policy stated maximum, if a member becomes totally or permanently disabled or the member or a joint insured passes away before the loan is paid off.
Your benefits and Special Features :
- Advance Protector offers both single and joint insurance coverages
- Total and Permanent Disability Insurance is included at no additional cost
- If a member becomes totally or permanently disabled or the member or a joint insured passes away, we will pay off the principal balance of that member’s loan up to the maximum of $350,000
- Advance Protector covers personal loans, auto loans and personal credit lines
- Premium is added to the member’s monthly loan payment but the credit union is required to pay the premiums to us
- Maximum age for a member to apply for Advance Protector Life Insurance is 75 years and minimum age is 18 years
- Maximum age for payment of the total and permanent disability is 60 years
- Temporary Credit Disability is also offered as a rider to the product
Limitation on Total and Permanent Disability Benefit:
Total and Permanent Disability must last for six (6) consecutive calendar months before your member is eligible for this benefit payment. However, the payment will be calculated from the first day of Total and Permanent Disability.
Termination/ Cancellation of Advance Protector Insurance UPON THE FIRST OCCURENCE OF ANY OF THE FOLLOWING:
- on the last day of the calendar month in which CUNA Caribbean receives your written request to stop insurance for your member or if such notice states an earlier date;
- on the last day of the calendar month in which CUNA Caribbean receives a written request from the credit union that the Insured Member has withdrawn authorization for the addition of premium charges for the insurance to your loan
- on the last day of the calendar month during which the Insured Member reaches the maximum age for this insurance
- on the date an Insured Member’s loan is fully paid stops
- on the last day of the calendar month during which an Insured Member has failed to make payments for three (3) consecutive months on his loan and for such purpose, the credit union will be required to provide us with notice thereof
- on the date this Policy stops (if this happens, you will be given 90 days advance notice unless there is immediate replacement of the insurance)
- when the balance of an Insured Member’s Loan has been paid by a lump sum disability benefit under another credit life insurance policy
- on the date an Insured Member’s loan is transferred to a creditor other than CUNA Caribbean
- on the date of an Insured Member or Co-Borrower’s death
The Credit Disability Insurance makes loan payments while the member is temporary disabled!!
There is always a possibility that, at any time, a person may be disabled from work due to an accident or illness. CUNA Caribbean Credit Disability Insurance makes the monthly payments on your Insured Member’s loans up to the policy’s maximum amount and duration period. This makes it easier for an Insured Member to take care of other obligations.
Benefits and Special Features of Temporary Credit Disability:
- CUNA Society Ltd will make the monthly payments on an Insured Member’s loans up to the policy’s maximum, monthly benefit and duration period, if an Insured Member becomes temporarily disabled.
- Maximum age for credit disability is 65 years
- Maximum monthly temporary disability benefit is $3,000
- Maximum benefit period is two (2) years
- Both the Insured Member or a Co-Borrower who is named as a joint insured under the Advance Protector can purchase credit disability
- Credit disability premium is added to the member’s loan’s monthly payment.
- If as a result of the same condition the temporary disability recurs within 7 days after the Insured Member or the Joint Insured has recovered, this will be continuation of the period of Temporary Disability
Limitation on Temporary Credit Disability Benefits:
- The Temporary Disability must last for 30 days before the Insured member or the Joint Insured becomes eligible for benefit payments. However, the benefit will be calculated from the first day of Temporary Disability.
- The Temporary Credit Disability benefit will not exceed the maximum monthly Temporary Disability benefit, the maximum amount of the insurance or the amount of the original debt, whichever is less.
- If the Temporary Disability recurs more than 7 days after the Insured Member or the Joint Insured has recovered from the Temporary Disability, this will be considered a new period of Temporary Disability regardless of whether the recurrence is the result of the same condition or a new condition.
EXCLUSIONS AND RESTRICTIONS, Advance Protector and Credit Disability:
CUNA Caribbean will not pay a claim if an Insured Member or Joint Insured dies or the Insured Member becomes Totally and Permanently Disabled or the Temporary disability is as result from:
- suicide, while sane or insane, within 24 months of the Effective Date of Insurance
- injuries received during the Insured Member or Joint Insured’s commission of an illegal act
- travel in any airplane or flying device when the Insured Member‘s is the pilot, a student pilot or member of the crew
- psychosis, schizophrenia, paranoia, psychoneurotic disorders, personality disorders, anxiety, psychosomatic disorders, depression, alcohol dependency, drug addiction, mental retardation or any other mental condition or mental disorder, even if this has been caused or aggravated by any other disease or accident
- any Temporary Disability that arises as the result:
- normal pregnancy, childbirth, abortion or ectopic pregnancy, even if it occurs after the Effective Date of Insurance
- a self-inflicted injury or disease
- normal pregnancy, childbirth, abortion or ectopic pregnancy, even if it occurs after the Effective Date of Insurance
- a self-inflicted injury or disease
Pre-Existing Condition Clause Advance Protector and Credit Disability:
CUNA will not pay a claim if the Insured Member or the Joint Insured dies or the Insured Member becomes Totally and Permanently Disabled, or the Insured Member’s Temporary Disability begins, within [6] months after the Effective Date of Insurance, resulting directly or indirectly from any disease, health condition or bodily injury for which the Insured Member or Joint Insured received medical advice, diagnosis or treatment at any time during the [6] months prior to or immediately preceding said Effective Date of Insurance and which disease, health condition or bodily injury being known to the Insured Member or Joint Insured was not fully and truthfully disclosed to us prior to the making of the insurance contract.
How to file a claim for Advance Protector or Credit Disability:
Claims must be submitted by the credit union to us within one (1) year from the date a covered claim is incurred for it to be eligible for payment. This claim should be submitted after the Insured Member or Joint Insured has completed the required waiting period. You must provide:
| Documents | Advance Protector | Temporary Disability |
|---|---|---|
| Medical Report | X | X |
| Certified copy of birth certificate and or passport as proof of age | X | X |
| Certified copy of death certificate (or other lawful evidence) | X | |
| Employment Report | X | |
| Police Report if accidental disability | X | |
| Last loan application and loan agreement | X |
Termination / Cancellation of Insurance:
- on the date the Insured Member or the Joint Insured ceases to be Temporarily Disabled
- on the last day of the calendar month during which the Insured Member or the Joint Insured reaches the specified Maximum Age for Insurance
- on the date the Insured Member or the Joint Insured loan has been repaid or otherwise stops;
- on the date the balance of the Insured Member or the Joint Insured loan has been paid by a lump sum disability benefit under a credit life insurance policy
- on the date the benefit payments reach the Maximum Amount
- on the date the Insured Member or the Joint Insured is no longer under the professional care and treatment of a medical doctor
- on the date Insured Member or the Joint Insured commences active employment or otherwise provide services with or without compensation
- on the date of the Insured Member or the Joint Insured’s death
- on the date of the Insured Member or the Joint Insured’s death
Termination / Cancellation of Insurance:
The insurance coverage will become effective upon the completion of all of the following:-
- Your Insured Member and Joint Insured sign the application for Advance Protector;
- We receive the first premium from the credit union;
- the application is approved by us; and
- the Loan has been disbursed by you to the Insured Member.
