Specialized Insurance Products & Services
What We Do:
CICL offers specialized Insurance plans to include Loan Protection (LP), Life Savings (LS), Mortgage Protection, Loan Payment Protection and Family Bereavement Insurance (FBI). LP saves the burden of additional loans falling on the heads of other members upon the demise of another member’s contributions. LS plans transfer member savings to the member’s beneficiaries upon demise. Loan Repayment Protection provides coverage up to twelve months should a member have specific challenges in paying their loan premiums while Mortgage Protection is a life insurance policy designed to pay off your mortgage if you die during the term and Family Bereavement Insurance (FBI) designed to take care of members burial expenses.
CICL offers specialized insurance products to Credit Unions in the Eastern Caribbean region. Our focus is on the provision of:
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.
Loan Repayment Protection Insurance
This is a unique insurance policy that covers Credit Union Members for Loan Premiums up to twelve months should the member be left unable to earn an income for legitimate reasons.
Who is covered?
If you are Credit Union member and was inflicted by an unfortunate injury or medical condition that does not permit you to continue earning a regular income to service your loan at your Credit Union, you may qualify for this service.
How do you apply?
Visit your friendly Credit Union representative and file a claim.
Remember
Your Credit Union will advise you when this product will be available to you.
Life Savings Insurance
This is a group life insurance which provides benefits to the member’s beneficiary in proportion to the amount of savings the member had in the Credit Union upon death. The actual benefit paid depends on the age of the member upon death. The age scale matched with benefits would have been previously agreed to with Credit Unions.
Who is covered?
If you are a member of a Credit Union, and have a Regular Savings account with your Credit Union, your savings 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
Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage.
Who is covered?
If you are a Credit Union Member and have a Loan that exceeds the Maximum covered offered under the Loan Protection Insurance package at your Credit Union, You may qualify.
How Does it Work?
Your Credit Union decides on the maximum coverage limit offered based on its risk appetite.
Your loan up to the maximum limit agreed upon with your Credit Union is covered.
Remember
Ask your Credit Union about this product today.
Choose a life savings protection package today to leave behind a cash lump sum for your family.
Contact Details
- - P: (767) 440-9052 / 7
- - E: [email protected]
- A: 13 Castle Street, Roseau, Commonwealth of Dominica