Is insurance part of your financial plan? It should be. Credit Protection Insurance is the difference between having to pay for losses from your own pocket, and having your financial security protected.
What is Credit Protection Insurance ?
If you have a credit card, overdraft facility, mortgage or any other loan, Credit Protection Insurance is a good plan for you. It is designed to cover any existing indebtedness in full in event of death, critical illness or accidental dismemberment. This means you or your next of kin can eliminate or manage your debts more easily during a physically and emotionally demanding time. It also ensures that you, your family or guarantors need not worry about the burden of debt in the midst of difficulty.
Creditor Life vs Term Insurance
|Eligibility||Limited coverage is available with no evidence of insurability. No health requirements||Persons are generally required to qualify for coverage by providing proof of health|
|Payout||The coverage amount and potential benefit decreases as your outstanding balance decreases||The coverage amount is fixed throughout the term of the coverage|
|Beneficiary||The Lender is the beneficiary and any claim settlement following an insured event is used to reduce or pay off outstanding balances||The beneficiary is selected by you|
|Portability||Creditor insurance is applicable to the specific loan or credit facility provided by the lender||Coverage is for a specific term and is portable|
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:
Credit Card Security Insurance
Cost of Credit Card Security Insurance:
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.
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:
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
Permanent Disability Claim
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