Life Coverage

• 100% coverage on mortgages up to US$400,000 for up to 30 years (35 years can be negotiated)
• 100% coverage on consumer loans up to US$100,000, for up to 7 years
• 100% coverage on credit card and overdraft balances as follows:
    - Personal Credit Cards & Overdrafts up to US$25,000
    - Business Banking Credit Cards and Overdrafts up to US$50,000
• Persons eligible for coverage between ages 18 to 65.  Insurance Coverage terminates at age 70 in keeping with credit terms
• No medical requirements for coverage applying to loans/mortgages as follow:
    - US$200,000 for Barbados, Cayman Islands, Curacao, The EC Territories, Jamaica, Trinidad & St Maarten
    - US$150,000 for The Bahamas & TCI
• No medical requirements for credit cards or overdraft facilities
• Coverage for up to three co-borrowers
• Life rate is guaranteed for the life of the loan unless the loan is delinquent or renegotiated

 

Accidental Dismemberment

• Covers loss in the event of bodily injury sustained through external, violent and accidental means
• Coverage of 25% - 100% of the benefit depending on the loss
• 100% is paid for the loss of both hands or both feet or loss of sight in both eyes
• 50% is paid for the loss of one hand or one foot or loss of sight in one eye
• 25% is paid for the loss of thumb and finger on the same hand
• Loss of use must be permanent, total, irrevocable and continuous for a period of 12 months from the date of the accident
• Persons ages 18-65 eligible for coverage - cover ends at age 70
• Coverage automatically included with Credit Card and Overdraft between ages 18-70.  Coverage terminates at age 70

 

Total Permanent Disability

(Occupational) – Total Permanent Disability means either total paralysis or total and irretrievable loss of vision in both eyes, or loss of use of either:

•  both hands above the wrist; or
•  both feet above the ankle; or
•  a hand above the wrist and a foot above the ankle; which results in the complete and permanent impediment of the Insured’s ability to perform any  paid work for which the he or she is reasonably qualified by training or experience and which has continued uninterrupted for a minimum period of one hundred and eighty (180) days
• Pays the outstanding balance (including interest) as of the date of diagnosis up to a maximum of US$400,000 for Retail Mortgages, up to US$250,000 for Business Banking Mortgages and Term Loans, and up to US$100,000 for consumer loans including personal and auto
• Persons ages 18-60 eligible for coverage - cover ends at age 65

 

Critical Illness

• Means a life-threatening condition listed in the Policy as summarised below:
• Cancer, Infarctus of the Myocardium ,Coronary Artery Bypass Surgery, Multiple Sclerosis, Organ Transplant, Renal Failure, Stroke.
• A claim for a Critical Illness shall be payable only once under this Policy, if diagnosis of the Critical illness occurs at least 3 months after the Effective Date or Date of Loan Disbursement.
• 100% coverage on mortgages and consumer loans up to US$75,000
• Coverage automatically included with credit card and overdraft facility
• Persons ages 18-59 eligible for coverage - cover ends at age 60. ( Eligibility age for Trinidad is 18-55.)

 

FAQs  

Credit Card Security Insurance

• CIBC FirstCaribbean Credit Card Security Insurance (CCSI) is an insurance policy secured by CIBC FirstCaribbean International Bank from Pan American Life and Sagicor Life and subsidiaries to provide insurance coverage to CIBC FirstCaribbean’s personal and business credit cardholders and overdraft facility holders
• CCSI pays the outstanding credit card balance (unpaid principal and accrued interest) up to US$25,000 (Personal Credit Cards) and $50,000 (Business Banking Credit Cards) to the bank in the event of death, critical illness or accidental dismemberment of the cardholder(s)/facility insured. CCSI covers the primary cardholder and up to 1 joint cardholder on the account.

 

Cost of Credit Card Security Insurance:

• Coverage is provided for up to two persons on the outstanding balance
• The premium is calculated on the account balance at the statement printing date
• Coverage is up to US$25,000 (Personal Credit Cards) and $50,000 (Business Banking Credit Cards) and this amount will be the maximum balance on which premiums will be charged

 

 

CIBC FirstCaribbean’s Role

CIBC FirstCaribbean is the Policyholder and Beneficiary. Customers holding a Mortgage, Consumer Loan, Credit Card and/or Overdraft facility with us can be enrolled under the program. We administer the program by assisting with the enrolment and claims process for which we charge a nominal administration fee. The administration fee is included in the total premium charged.
 

Role of the Insurance Providers – Pan American, Colina & Sagicor

Our Insurance providers are the underwriters of the insurance programme in their respective jurisdictions. They are responsible for pricing the risks, underwriting applications for coverage, setting up and receiving all medical evidence of insurability and the payment of all valid insured claims to CIBC FisrCaribbean.

 

Your role

If you choose to join the Group Creditor Plan, you would be a member subject to the terms of the Group Creditor Plan between CIBC FirstCaribbean and the Insurance provider. You must ensure the following:

• The Enrolment Form is completed in in entirety and all questions are answered truthfully and completely.
• Any supplementary information requested is provided completely truthfully and completely. Failure to do so could lead to your coverage being void/voided.
• Upon approval of coverage, premium payments are made in a timely manner, the first premium commencing with the disbursement of the Loan or Mortgage or date of approval.

 

Claim Notification Period

CIBC FirstCaribbean must provide written notification of an occurrence that may give rise to a claim to the Insurer within one hundred and twenty (120) days of such occurrence or within one hundred and twenty (120) days of knowledge of such occurrence by CIBC FirstCaribbean.

Note: Failure to meet the stipulated timeframes may impact the validity of the claim and may result in claim denial.

Required Information for Submitting Claims
 

 Death

• Completed original Claim Statement Death Benefit form
    - Colina Claimant Statement
    - Pan American Claim Statement – Death
    - Pan American Claim Statement – Death (Trinidad)
    - Sagicor Claim Statement – Death
• Completed original Attending Physician Statement
    - Pan American Physician Statement – Death
    - Sagicor Proof of Death - Physician Statement
• Certified copy of Death Certificate
• Certified Copy of Deceased’s Identification
• Copy of Police Report, in the event of accidental death

Accidental Dismemberment

• Completed original Critical Illness and Accidental Dismemberment Benefit form
     - Colina Insured Statement – Living Benefits
     - Pan American Claimant Statement – Living Benefits
     - Pan American Claimant Statement – Living Benefits – Trinidad
• Copy of Police Report, if relevant to loss
• Copy of Medical Report(s)
• Copy of all relevant test results
• Any other requests that may be made by the Insurer following notification or initial submission of standard claim requirements.

 

Permanent Disability Claim

• Completed original Claimant Statement for Accident and Sickness Benefit form 
     - Pan American Claimant Statement – Living Benefits
     - Pan American Claimant Statement – Living Benefits – Trinidad
• Copy of Police Report, if relevant to loss
• Copy of Medical Report(s)
• Copy of all relevant test results
• Any other requests that may be made by the Insurer following notification or initial submission of standard claim requirements.

 

Critical Illness

• Completed original Critical Illness and Accidental Dismemberment Benefit Form
     - Colina Insured Statement – Living Benefits
     - Pan American Claimant Statement – Living Benefits
     - Pan American Claimant Statement – Living Benefits – Trinidad
• Copy of Medical Report(s)
• Copy of all relevant test results
• Any other requests that may be made by the Insurer following notification or initial submission of standard claim requirements