Specialized Insurance Products & Services

What We Do:

CICL specializes in providing tailored insurance solutions designed to safeguard the financial well-being of Credit Union members and their families. These include Loan Protection, which ensures outstanding loans are covered in cases of total or permanent disability or the untimely death of the borrower, and Mortgage Protection, an extension of the Loan Protection facility designed to cover the mortgage throughout the lifespan of the loan. Life Savings Insurance offers benefits to beneficiaries proportional to a member’s savings, with payouts adjusted based on an agreed age scale. Family Bereavement Insurance provides a cash lump sum to help cover funeral expenses for members and their eligible family members, with a six-month waiting period for natural death benefits. Additionally, the Flexible Hurricane Protection Insurance protects against losses from Tropical Storms and Hurricanes (Category 1 to Category 5) and is fully reinsured through a partnership with Global Parametrics. Together, these offerings reflect CICL’s commitment to supporting Credit Union members through life’s challenges with comprehensive and reliable insurance coverage.

Loan Protection Insurance

This provides protection to Credit Union members against the burden of any unpaid loans upon total or permanent disability or an untimely death of the borrowing member. While the objective is to allow the debt to die with the debtor, actual benefits paid depends on the maximum coverage limit individual Credit Unions have in place at the date of the member’s death.

Who is covered?

If you are a member of a Credit Union, and currently have a loan with your Credit Union, your loan is covered.

How do you collect benefits?

Upon the demise of a family member, file a death claim with your Credit Union anytime within 2 months from the date of the incident with or without the death certificate. You will need it however to complete the filing later. You can file as early as 7 days from the date of the incident, so your Credit Union can begin the claims process. After you have done this, your claim file will remain open for two (2) years from the date of the incident to allow you time to complete the filing process and grieve the loss of your loved one.

BECAUSE WE CARE

With your completed claim documents; CICL’s speedy claims payout is designed to offer some much needed relief during your time of bereavement.

Do not worry; Your Credit Union has all of the forms needed to file a claim on member’s behalf.

Mortgage Protection Insurance

An Extension of the Loan Protection Policy (LP250)

Mortgage Protection Insurance is an extension of the Loan Protection facility that ensures your mortgage is fully paid in the event of your death during the mortgage term. This policy aligns with the duration of your mortgage, providing continuous coverage throughout its lifecycle.

Coverage limits are determined through agreements with individual Credit Unions, offering flexibility to meet the specific needs of members.

Who is Eligible?

Credit Union members with loans exceeding the maximum coverage limit under the standard Loan Protection Insurance package may qualify for this extended coverage.

How Does It Work?

• Your Credit Union sets the maximum coverage limit based on its risk tolerance.
• Loans are covered up to the limit agreed upon between you and your Credit Union.

Why It Matters

Protect your loved ones from financial strain by ensuring your mortgage is paid off in the event of your passing.

Next Steps

Speak with your Credit Union today to learn more about Mortgage Protection Insurance and see if you qualify.