Insurance
 

Family Indemnity Plan

"Losing a loved one is difficult.......paying for the funeral expenses doesn't have to be". The Family Indemnity Plan is a group life insurance plan that provides a level cash benefit in the event of death of an insured person.
The FIP offers financial comfort during difficult time – providing a benefit to be used to cover the funeral cost for yourself and eligible family members. The FIP provides for a total of up to six (6) eligible family members' to be insured at any one time.
Advantage for Members
  • One less thing to worry about at that already stressful time.
  • Allows for a decent send off for a family member.
  • Members can choose the plan best suits his or her needs.
  • No medical examination or questions.
  • Lifetime insurance coverage.
  • Payments for claims are made within two (2) days.
  • FIP covers up to six (6) eligible family members.
Requirements
  • Must be a Member

Life Savings Insurance

Life Savings Insurance is a group life insurance which provides benefits to the members’ beneficiary in proportion to the amount of savings the member had in the credit union.
It covers all types of savings accounts the member may have, including shares, regular deposits, fixed deposits and special savings plans. The actual benefit paid will be subject to the age of the member, when the deposit was made and the maximum limits in force during the lifetime of the member. Coverage is restricted to savings made before age 70 years.
Advantage for Members
  • Most deposits covered immediately.
  • Reward for regular savings.
  • Majority of members covered.
  • Easy administration, no paperwork.
  • No direct cost.

Loan Insurance

Loan Protection is the name given to Corp-EFF Mutual Group/Corp-EFF Caribbean Insurance Society Limited “Credit Life” contracts. It covers all the eligible loan balances of a credit union member against untimely death or total and permanent disability.
The insurance benefit repays the outstanding insurable loan balance should death, by any means, occur before age 70. The amount of the benefit is subject to what is referred to as the credit union’s individual maximum which, in the case of Marigot Credit Union, is $80,000.00. This means that up to $80,000.00 will be paid by Corp-EFF to the credit union, to clear off the debt of a deceased member, should death occur before age 70.
Advantage for Members
  • Loan Protection provides “peace of mind” for the member, the member’s family and the co-makers against the burden of any unpaid loans upon the total and permanent disability or untimely death of the borrowing member.
  • Premiums for Loan Protection Insurance are paid by the credit union.
  • Additional family security.
  • Debt elimination at a time of need.
  • Easy qualification, no paper work.
  • More frequent borrowing.