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Protected Creditor Insurance

Insurance should be a part of any financial plan. Insurance is the difference between having to pay for losses from your own pocket, and having your financial security protected.

Creditor Life Insurance:

If you have a credit card, overdraft facility, mortgage or any other loan, Creditor Life is a good plan for you. It is designed to cover any existing indebtedness in full in the event of death, critical illness or serious injury resulting from an accident. This means you can eliminate or manage your debts more easily during a physically and emotionally demanding time. It also ensures that you, your family or guarantors need not worry about the burden of debt in the midst of difficulty.

We offer:

Life and Accidental Dismemberment

  • 100% coverage on mortgages up to US$375,000 for up to 30 years (35 years can be negotiated)
  • 100% coverage on consumer loans up to US$100,000, for up to 7 years
  • 100% coverage on credit card and overdraft balances up to US$25,000
  • Coverage for persons from age 18 to 65 - cover ends at age 70
  • No medical requirements for coverage of loans up to US$100,000 for mortgages
  • No medical requirements for consumer loans, credit cards or overdraft
  • Coverage for up to three co-borrowers
  • Life rate is guaranteed for the life of the loan unless the loan is delinquent or renegotiated

Accidental Dismemberment

  • Covers loss in the event of bodily injury sustained through external, violent and accidental means
  • Coverage of 25% - 100% of the benefit depending on the loss
  • 100% is paid for the loss of both hands or both feet or loss of sight in both eyes
  • 50% is paid for the loss of one hand or one foot or loss of sight in one eye
  • 25% is paid for the loss of thumb and finger on the same hand
  • Loss of use must be permanent, total, irrevocable and continuous for a period of 12 months from the date of the accident
  • Coverage automatically included with Credit Card and Overdraft

Critical Illness

  • Coverage for three illnesses and total, permanent disability
  • 100% coverage on mortgages and consumer loans up to US$75,000
  • Coverage automatically included with credit card and overdraft coverage
  • Coverage for persons from age 18 to 65 - cover ends at age 70
  • Up to 30 years' coverage

Credit Card Security Insurance

  • CIBC FirstCaribbean Credit Card Security Insurance (CCSI) is an insurance policy secured by CIBC FirstCaribbean International Bank from Sagicor Life Inc. and its subsidiaries to provide insurance coverage to CIBC FirstCaribbean personal credit cardholders
  • CCSI pays the outstanding credit card balance up to US$25,000 (unpaid principal and accrued interest) to the bank in the event of death, critical illness or accidental dismemberment of the cardholder(s) insured. CCSI covers the primary cardholder and up to 1 joint cardholder on the account.

Benefits of CCSI:

  • Peace of mind for the customer and their dependents (knowing that should the worst happen they are prepared to handle it)
  • Helps relieve family of financial and emotional burden during a time of emotional and physical distress (in the event that the insured dies)
  • One less bill that the customer has to pay (in the event of critical illness/accidental dismemberment)

Cost of CCSI:

  • Coverage is provided for up to two persons on the outstanding balance or part thereof
  • The premium is calculated on the account balance at the statement printing date.
  • Coverage is up to US$25,000 and this amount will be the maximum balance on which premiums will be charged