Family Indemnity Plan
The loss of a loved one has an emotional cost, and a financial cost as well. But with the Family Indemnity Plan from CUNA Caribbean Insurance you’ll have financial comfort during a difficult time. It provides a benefit to help cover the funeral costs for yourself and eligible family members.
As the Primary Member of a Family Indemnity Plan, you can enjoy added coverage for Critical Illnesses when you purchase the Rider. The premium applicable for the rider is based on your age at the time of enrollment.
Advantages of the Family Indemnity Plan:
- No medical questions
- One monthly premium covers up to 9 family members (including any two persons you choose from your parents and parents-in-law). All persons must be enrolled before the age of 76 and children must be between ages 1-25
- Full benefit is paid (per person) every time a claim is made
- Payments for claims are made within 2 days
- Lifetime insurance coverage
Click the Image or Link Below to download the Brochure
Family Indemnity Plan Brochure
New Family Indemnity Plan Rates Effective June 1, 2025
|
Plan |
Coverage |
Premium |
|
A |
$10,000 |
$63.40 |
|
B |
$15,000 |
$95.10 |
|
C |
$20,000 |
$126.80 |
|
D |
$30,000 |
$190.20 |
|
E |
$40,000 |
$253.60 |
|
F |
$65,000 |
$412.10 |
|
G |
$100,000 |
$634.00 |
Rates are subject to change.
New Benefits Under the Family Indemnity Plan
- Terminal Illness Benefit: If an Insured Member or Person is diagnosed with a terminal illness and has less than six (6) months to live, they can receive their full Plan Benefit while still alive.
- Accidental Death Benefit: If the Insured Member dies due to an accident, the Plan will pay double the Coverage amount.
- Coverage for More Children: The Plan now covers up to five (5) children. Expanded coverage will extend to children who financially depend on the Insured Member, whether they are biological, adopted, or otherwise. This therefore means that the Plan will now cover up to nine (9) family members.
Terms, Conditions and Waiting Periods Apply. The insurance product mentioned here offers a brief description of the Coverage. For complete details including limitations of the coverage please refer to your Family Indemnity Plan policy or, Contact our offices for more details.
Nomination of a Beneficiary on your Family Indemnity Plan
Members are reminded of their responsibility to ensure a Beneficiary is nominated to your Family Indemnity Plans. This is especially applicable for those persons with Single Coverage. Please take note of the treatment of the proceeds of your selected plan, where no beneficiary is named in accordance with applicable laws.
“… 193. (3) Notwithstanding section 183, where under a policy there is no named beneficiary, the insurer may pay a maximum sum of twenty-five thousand dollars, or such other amount determined by the Minister under section 279(4), to a funeral home to offset funeral expenses of the life insured without requiring the production of any grant of probate or letters of administration..”
What this means for certificate holders
- If no beneficiary is listed, an invoice from the funeral home can be submitted, and the FIP benefit will be applied toward funeral expenses up to TT$25,000.
- If the FIP benefit exceeds the invoice amount or TT$25,000, the remaining balance will be held by CUNA Caribbean Insurance Society (CCIS) until Letters of Administration or a Probated Will are provided.
Access the CUNA FIP Nomination of Beneficiary form here: FIP Designation of Beneficiary Form
For more plan details or to sign up for a Family Indemnity Plan visit our offices or contact us today at:
-
- Email: Marketing@tranquillitycu.com
- WhatsApp: 868 432 2318
- Call -235-8130
