PARENTAL LIFE
A plan designed to assist with the cost of funeral and other related expenses after the passing of your parents.
PRODUCT OVERVIEW Parental Life is designed to assist with the cost of funeral and other related expenses after the passing of your parents. The plan is affordable and provides a cushion in your time of bereavement. The main highlights include: Funeral Home Credit - Funeral homes are often strict regarding payment and require that bills be settled on time. Sagicor will guarantee payment to the funeral home on your behalf until you receive payment from the plan. No medical information - We do not require any medical information for this plan.
ELIGIBILITY The parents (including step-parents) and parents-inlaw of employees currently covered under the Employer's Group Health or Life policy. You may insure up to four (4) parents. The maximum age of entry is 75 years.
COVERAGE OPTIONS Parental Life provides six (6) coverage options: $100,000 $200,000 $300,000
$400,000 $500,000 $600,000
APPLICATION The application process is simple! Just accurately fill out the form with the insured’s name, date of birth, relationship to you and coverage amount and you will be on your way to being covered.
DEATH BENEFIT The total sum insured is paid to you, the beneficiary to cover final expenses. Graded death benefits apply as follows: First 12 months refund of all premiums after 12 months 100% of sum insured claims are paid within 3 – 5 working days after receipt of claim forms duly completed along with death certificate, proof of relationship, and identification (birth certificate, TRN, passport, voter’s ID or driver’s license).
Acceptable Proof of Relationship documents: • Birth certificate • Marriage certificate • Declaration of Relationship form (if no other document is available) NB: If a parent is covered by more than one person i.e. more than one child or in-law, a maximum of $1.2 million is payable on the loss of any one life. Claims will be processed in the order it is received by Sagicor. Any claim submitted after the maximum amount is paid, the premiums will be refunded. EXTENSION OF COVERAGE If the parent dies during the thirty-one (31) day period following cancellation of his/her insurance, the total sum insured shall be payable as a claim.
DEATH BENEFIT Premiums are payable monthly, per parent, via salary deduction and charged based on age bands. Once the parent moves into a new age band, the corresponding premium will be applied on the parent’s birthday. This benefit is yearly renewable and rates agreed upon with the Company are valid for a 12 month period. Annually, Sagicor will review the utilization, participating levels and benefits and set the new premium rates for the following twelve (12) month period. Any rate change will be communicated to the Company prior to becoming effective. These rate changes will automatically apply to all members unless written notification of termination of your coverage is received by Sagicor. WAIVER OF PREMIUM If an employee, while insured and under the age of sixty(60) years, becomes totally disabled and if such total disability continues after the discontinuance of premium payments for the parent’s insurance, the insurance will be extended, without payment of the premium during the continuance of the total disability for a period of one (1) year. The employee is required to submit proof of disability within three (3) months immediately preceding the end of each subsequent year.
TERMINATION This benefit terminates upon: • Death of the employee • Termination of employment or Group Policy • Upon death of all insured parents There is no refund of premium upon termination of this benefit.
CONVERSION If the parent’s coverage ceases by reason of the employee’s termination of employment or termination of the Group Policy or death, the employee in the case of termination or the parent in the case of death of the employee, is eligible to convert to an individual policy, within 31 days after termination with a Sum Insured that is less than or equal to the sum insured under this benefit, without providing evidence ofinsurability. NB: No refund shall be payable on the failure to exercise the conversion privilege.
ADDITIONAL COVERAGE Provided that this coverage has been in effect for one (1) year, you may opt to adjust the benefits at anytime with a maximum of once per year on any policy anniversary. The additional coverage however will be required to fulfill the twelve (12) month waiting period. If the insured dies before the end of this period the original sum insured will be payable and a refund of premium will be granted for the additional coverage amount. The option to adjust the coverage shall not apply to a parent(s) who have attained the age of seventy-five (75) years of age.
LIMITATIONS AND DISCLAIMER THIS BROCHURE IS IN NO WAY INTENDED TO BE A COMPLETE EXPLANATION OF ALLCONDITIONS, TERMS, LIMITATIONS, EXCLUSIONS AND OTHER PROVISIONS OF THE CONTRACT. THIS BROCHURE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO BE A CONTRACT OF INSURANCE.
Let’s talk. Give us a call at: 1-888-SAGICOR (724-4267) sagicorjamaica.com
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Revised as at September 2017