Insurance
LOAN PROTECTION INSURANCE
All members’ Loans up to $100,000 are protected at no cost to the member. The society bears the total cost of the monthly premium and charges no service fees.
LP Insuramce
How It Works
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A member with any loan up to $100,000.00 or less is 100% covered.
Upon the death or disability of the borrowing member, the society should be provided with the following documents:
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• Birth certificate
• Death certificate
• Medical Report (in case of disability)
The insurance company pays out claims up to the maximum coverage amount to the insured. This payout received by the Credit Union, is placed against the members loan balance with the institution. If there is a loan balance, it is passed on to the beneficiary. If there is an excess from payouts from the insurance company, the excess is made payable to the beneficiary.
LIFE SAVINGS INSURANCE
A member, with savings up to $20,000.00 is fully covered under the CORP-EFF Insurance policy. The cost of this insurance is also borne by your Credit Union and no service fees are charged to members.
LS Insurance
How It Works
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Members with savings of $20,000.00 or less are fully covered.
Upon the death of a member the following documents are to be presented to the Credit Union:
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• Birth certificate
• Death certificate
The insurance company pays out claims up to the maximum coverage limit to the beneficiary via the Credit Union. The Insurance Company considers such variables as the cause of death (Natural/Accidental/Suicidal), member’s age, and account balance at the date of death to determine the pay-out benefit.
​FAMILY BEREAVEMENT INSURANCE
The Family Indemnity Plan is a group life insurance that provides financial comfort in the event of an insured member’s death or his/her eligible family members.
FBI INSURANCE
Enrollment Process:
To enroll in our program, please follow these steps and submit the necessary documents along with your first month's premium at your Credit Union:
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Complete Enrollment Forms: Fill out the Enrollment, Automatic Deduction, and Beneficiary forms provided by our Credit Union.
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Proof of Identity: Include a Birth Certificate for yourself and any family members you wish to cover under your plan.
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Coverage Eligibility: Your plan covers a maximum of six individuals, which may include yourself, your spouse (married, common-law, or divorced), parents, in-laws, unmarried children (biological or adopted) under 25 years of age, and children with disabilities who enroll before age 26 and remain on their parents' plan until death.
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Proof of Relationship: Provide a copy of the birth certificate and/or marriage certificate (where applicable) to establish the relationship with the individuals being covered.
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Name Change Documentation: If there have been any name changes, include documents such as a Deed Poll or other notarized documents certified by a notary public or justice of the peace.
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Eligibility: Credit Union members between the ages of 18 and 76 years.
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Certificate of Coverage: Once approved, you will receive a certificate as proof of your approved coverage.
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Non-Duplication of Coverage: Please note that you and your covered family members cannot be insured through more than one Family Bereavement Certificate. Duplicate coverage is not allowed.
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Six-Month Waiting Period:
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There is a six-month waiting period from the effective date of your certificate. During this time, only claims arising from accidental death will be paid. After the waiting period, the coverage extends to other causes of death as specified in the terms of the certificate.
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FAMILY INDEMNITY PLAN
Introducing the Family Indemnity Plan, a comprehensive group life insurance offering that offers unparalleled financial support in the unfortunate event of the insured member's demise or that of their eligible family members. This plan is designed to provide utmost comfort and security during challenging times
FIP INSURANCE
To enrol you must complete an enrolment form and submit the following documents with your first month's premium.
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Proof of identity: Copy of Government issued driver's permit, passport or national ID
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Proof of relationship: Copy of birth certificate and/or marriage certificate (where applicable)
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Documents relating to name change: Deed poll and other documents notarized by a notary public or justice of the peace.
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A certificate will be issued to you as proof of approved coverage.
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Non-duplication of coverage: In no event may you or your covered family members be insured through more than one Family Indemnity Plan Member Certificate.
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Six-month waiting period: There is a six-month waiting period from the effective date of your certificate, during which time only claims arising from accidental death will be paid.