Advance Protector with Credit Disability
Even though all the money in the world can’t make up for the loss of a loved one, it can make a difficult situation easier. The Advance Protector Insurance from CUNA Caribbean helps to reduce the debt a person’s (i.e. the borrower) 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 to the policy stated maximum, if the borrower/insured becomes totally or permanently disabled or if the borrower/insured or a joint insured passes away before the loan is paid off.
Benefits and Special Features of Advance Protector:
• Advance Protector offers both single and joint insurance coverages
• Total and Permanent Disability Insurance is included at no additional cost
• If the insured becomes totally or permanently disabled or if the insured or a joint insured passes away, we will pay off the principal balance of that member’s loan up to the maximum of $1,000,000
• Advance Protector covers personal loans, auto loans and personal credit lines
• Premium is added to the insured’s monthly loan payment but the credit union is required to pay the premiums to us
• Maximum age one can apply for Advance Protector Life Insurance is 75 years and minimum age is 18 years
• Maximum age for payment of the total and permanent disability is 60 years
• Temporary Credit Disability is also offered as a rider to the product
The Credit Disability Insurance makes loan payments in the event that you become disabled temporary disabled.
There is always a possibility that, at any time, a person may be disabled from work due to an accident or illness. CUNA Caribbean’s Credit Disability Insurance makes the monthly payments on your the Insured’s loans up to the policy’s maximum amount and duration period. This makes it easier for the Insured to take care of other obligations.
Benefits and Special Features of Temporary Credit Disability:
• CUNA Society Ltd will make the monthly payments on an Insured’s loans up to the policy’s maximum, monthly benefit and duration period, if they become 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 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.
Please refer to our brochure for the complete list of benefits.
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 | Advance Protector | Temporary Disability |
| 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:-
• Your Insured Member and Joint Insured sign the application for Advance Protector;
• We receive the first premium from the credit union;
• the application is approved by us; and
• the Loan has been disbursed by you to the Insured Member.
The information provided above is only a brief description of the insurance coverage. Please refer to brochure for further details.
If you are not yet an owner of Advance Protector, then don’t hesitate. Sign up today to secure your loans.
