FOR YOUR FINANCIAL SUCCESS
Our credit union offers a range of financial and support products that are targeted to enhance long and short-term investment planning which provide protection to members savings and loans and allow members to choose among options as they set their individual investment horizons.
LOAN PROTECTION AND LIFE SAVINGS INSURANCE
LOAN PROTECTION INSURANCE
Loan Protection Insurance covers all the eligible loan balances of a credit union member against untimely death or total and permanent disability. The insurance benefit repays the outstanding insurable loan balance should death, by any means, occur before age 70 or total and permanent disability before age 60.
The amount of the benefit is subject to what is referred to as the credit union’s individual maximum, which in the case of Government Printery Credit Union is $63,750.00. This means that up to $63,750.00 will be paid by CUNA to the credit union, to clear off the debt of a deceased member, should death occur before age 70 or total and permanent disability take place before age 60. Each member qualifies for insurance subject to a Pre-existing Loan Condition Limitation.
CUNA Caribbean is the official insurance carrier of the credit union and co-operative movement and is the only local company that provides insurance products and services exclusively for the needs of credit unions and their members. As such, they provide insurances as well as health insurance and pension plans for employees of credit unions and other co-operatives.
With these benefits in mind, do not hesitate to encourage others to join the Government Printery Credit Union. It’s the best place to be!
LIFE SAVINGS INSURANCE
Life Savings Insurance is a group life insurance which provides benefits to the members’ beneficiary in proportion to the amount of savings the member had in the credit union. It covers all types of savings accounts the member may have, including shares, regular deposits, fixed deposits and special savings plans. The actual benefit to be paid will be subject to the age of the member, when the deposit was made and the maximum limits in force during the lifetime of the member. Coverage is restricted to savings made before 70 years. The current individual maximum at the Government Printery Credit Union is $75,000.00 under this plan.
On the death of a member, the benefit is calculated based on a percentage of the amount of combined savings in the member’s account at specified ages, i.e.
- Up to age 54 years (100%)
- 55 – 59 years (75%)
- 60 – 64 years (50%)
- 65 – 69 years (25%) *
Subject to the individual maximum in force during the lifetime of the member.
Once savings are eligible for coverage they will continue to be insured until withdrawn, even if the member lives beyond age 70. The system of benefit calculation has been structured in this mannerin order to encourage members to save regularly, during the period of their lives when they discourage older members (55 years and over) from withdrawing savings that they may have taken a lifetime to build up.
Additionally, the Life Savings Plan provides accidental death and dismemberment coverage, commonly known as ‘double indemnity’. This means that if death occurs accidentally before the age of 65, an additional sum of money, equivalent to the basic death benefit will be paid to the member’s beneficiary. Should dismemberment occur through accidental means, i.e. loss of limb or sight, then the person will receive a specified payment, based on the dismemberment and will still continue to enjoy basic life coverage until death.
FAMILY INDEMNITY PLAN ( F.I.P)
WHAT IS THE FAMILY INDEMNITY PLAN?
The Family Indemnity Plan is a group life insurance that provides a level cash benefit in the event of death of an insured person. It is designed to cover the final expenses of the Credit Union members and their eligible family members.
Government Printery Credit Union provides this service to our Members in collaboration with CUNA (Caribbean Insurance Society Limited), an insurer that provides products and services designed exclusively for credit union members.
WHO IS ELIGIBLE?
Members of Credit Union / Spouse or significant others, Children ages 1-25, Members’ parent or in-laws where eligible before age 76.
Eligible family members include:
- The Member
- His/her spouse or “significant other”
- Parents of the member who have not attained the age of 76
- Parents of the spouse or “significant other” who have not attained the age of 76
- The member’s dependent children aged 1-25
- Permanently disabled children are eligible for life if enrolled before the age of 28
HOW DOES IT WORK?
When there is a death in the Family Indemnity Plan (FIP) will pay a cash benefit to cover funeral or any other costs for your eligible family member(s), within 48 hours of receipt of the claim.
WHAT ARE THE BENEFITS?
Benefits of the Family Indemnity Plan include:
- No medical Examinations are required
- Lifetime insurance coverage
- Claim payments are made within 48 hours of the receipt of the claim
HOW DO I SIGN UP?
It is a simple process, which requires that the member fills out an enrolment form at the Credit Union office and pay the first month’s premium. Coverage is effective the first of the month following enrolment. There is however a sex month waiting period during which only claims arising from accidental death will be paid.
FIP BENEFIT OPTIONS:
PLAN
A
B
C
D
E
F
G
COST PER MONTH
$52.80
$79.20
$105.60
$158.40
$211.20
$343.20
$528.00
BENEFITS
$10,000
$15,000
$20,000
$30,000
$40,000
$65,000
$100,000
We make The Family Indemnity Plan available to provide financial assistance at the time when you and your family need it most. The beneficial coverage is one of many unique services for which you are eligible as a Credit Union Member.
Ask about the Family Indemnity Plan today. After all, there’s nothing more important than protecting your family.
For more information on how the plan works for you, please call the Government Printery Credit Union at 624-2063.
GROUP TERM LIFE INSURANCE PLUS BENEFIT
This product is popularly referred to as the LIFE SAVINGS PLUS RIDER” as the benefit is a Rider attached to the Life Savings Contract.
WHAT IS GROUP TERM LIFE INSURANCE PLUS BENEFIT RIDER?
The Group Term Life Insurance Plus Benefit Rider a fixed death benefit for all eligible members which are paid in monthly installments to the beneficiary upon the death of the insured member.
The benefit is paid in a lump sum to the policy holder (Credit Union), who is responsible for the administration of the monthly payment to the beneficiary.
Life Savings Insurance is a type of monthly renewable group life insurance which covers the insured member for an amount linked to a savings account balance, subject to policy conditions and limitations.
WHAT ARE THE BENEFITS OF THE RIDER TO THE CREDIT UNION AND THE MEMBERS?
Members of Credit Union / Spouse or significant others, Children ages 1-25, Members’ parent or in-laws where eligible before age 76.
To the Credit Union:
- Provide a social responsibility
- Provide a transition period for loss
- Attract New Members – Membership Increases
- Opportunity to keep the family close
To the Member:
- Encourage Regular Savings
- Keeps Share Balances More Stable
- Provides Extra Insurance Protection
- Provide for an opportunity to invest the LS Lump Sum (the legacy)
The cost is $12.24 monthly/$146.88 annually.
THE PAYMENT PROTECTOR PLAN
THE PRODUCT
The product is a Credit Disability Group Insurance. It provides a benefit to the policy holder in the event of temporary disability through sickness or accident.
The benefit assumes the insured’s payments to his/her credit union (loan and shares/deposits, utilities, insurance) during the period of disability up to a maximum of two (2) years.
WHO QUALIFIES
- Only members of a credit union who receive a loan through the credit union
- Coverage is provided to members aged 18 years up to 65 years
- If a member is unemployed at the time of granting the loan, he/she is subject to approval upon completing a Statement of Insurability form
TERM OF LOAN
- A Minimum loan term of six (6) months and a maximum loan term not to exceed the lesser of (a) ten (10) years or (b) the amortized period as identified on the loan schedule.
- All loans are eligible for coverage except (a) single payment loans and (b) loans specifically excluded by the Credit Union in writing to us.
- Loans that are delinquent for over 3 (months) will not be covered.
- A one (1) month waiting period applies to all claims.
WHO IS INSURED
Insurance is on the Member whose signature/name appears first on the loan note.
PAYMENT OF PREMIUM
- Each term of insurance is for one (1) month.
- Premium is based on the member’s monthly contribution to the Credit Union.
- The premium will be paid by the member via the policyholder.
- The premium is based on member’s monthly contribution multiplied by the rate ($2.75) per hundred of benefit.
WHEN DOES THE INSURANCE START AND TERMINATE?
- Coverage starts as long s the member enrols within the thirty (30) days of the loan date.
- If a member enrols after thirty (30) days of the loan date, coverage is effective only upon approval of a Statement of Insurability subject to the waiting period of the three (3) months.
- The Policy can be terminated by the party upon thirty-one (31) days advance written notice.
CONTACT US
When Contacting Us
You can use this form. Please enter your proper name and best email address so we will be able to attend to your query as soon as possible. If you will like us to contact you by telephone, please place your best contact number within the message area.