Advance Protector Insurance helps to reduce the debt a member’s family will have to assume at the time of his death or if a member becomes totally and permanently disabled or temporarily disabled.
Under Advance Protector, the insurance pays the loan balance, up One Million dollars (TTD $1M) , if a member becomes totally or permanently disabled or the member passes away before the loan is paid off.
Benefits and Special Features of Advance Protector:
- Advance Protector covers personal loans, auto loans and personal credit lines.
- Total and Permanent Disability Insurance is included at no additional cost.
- Premium can be added to the member’s monthly loan installment for seamless processing to plan provider-CUNA Caribbean Insurance.
- Coverage available for members up to 75 years of age. The minimum age for coverage is 18 years
- Maximum age for payment of the total and permanent disability is 60 years
- Temporary Credit Disability is available as a rider to the product
The Credit Disability Insurance makes loan payments while the member is temporary disabled!!
Life happens, and the possibility that a person may be disabled from work due to an accident or illness can occur. Credit Disability Insurance from CUNA Caribbean Insurance makes the monthly payments on your loans up to the policy’s maximum amount and duration period. This makes it easier for an Insured Member to take care of their other obligations.
Benefits and Special Features of Temporary Credit Disability:
- CUNA Society Ltd will make the monthly payments on an Insured Member’s loans up to the policy’s maximum, monthly benefit and duration period, if an Insured Member becomes temporarily disabled.
- Maximum age for credit disability is 65 years
- Maximum monthly temporary disability benefit is $10,000
- Maximum benefit period is two (2) years
- Both the Insured Member or a Co-Borrower who is named as a joint insured under the Advance Protector can purchase credit disability
- Credit disability premium is added to the member’s loan’s monthly payment.
- If as a result of the same condition the temporary disability recurs within 7 days after the Insured Member has recovered, this will be continuation of the period of Temporary Disability
How to file a claim for Advance Protector or Credit Disability:
Claims must be submitted by the credit union to us within one (1) year from the date a covered claim is incurred for it to be eligible for payment. This claim should be submitted after the Insured Member or Joint Insured has completed the required waiting period.
You must provide:
| Documents Disability | Advance Protector | Temporary |
| Medical Report | X | X |
| Certified copy of birth certificate and or passport as proof of age | X | X |
| Certified copy of death certificate (or other lawful evidence) | X | |
| Employment Report | X | |
| Police Report if accidental disability | X | |
| Last loan application and loan agreement | X |
When is your Coverage Effective?
The insurance coverage will become effective upon the completion of all of the following:-
- You sign the application for Advance Protector;
- The first premium is paid to CUNA Caribbean Insurance;
- The application is approved by CUNA Caribbean Insurance; and
- The Loan has been disbursed by you to the Insured Member.
Exclusions, Limitations and Pre-Existing Conditions apply. The information provided above is only a brief description of the insurance coverage. Email us at marketing@tranquillitycu.com to receive the full product profile today.
If you are not yet an owner of Advance Protector, then don’t hesitate. Sign up today to secure your loans.