EXCLUSIVE INSURANCE GROUP COVERAGE FOR THE MEMBERS OF OUR COOPERATIVA DE AHORRO Y CRÉDITO RAFAEL CARRIÓN, JR.
GROUP LIFE INSURANCE
The Cooperativa of Seguros de Vida (COSVI) has offered us a proposal for a Group Life Insurance for the participants of our Cooperativa under the following requirements:
- Coverage
- Participants younger than 65 years of age: $45,000
- Participants with 65 to 75 years of age: $22,500
- Participants over 75 years of age: $7,500
- Participants younger than 65 years of age: $45,000
- New participants must comply with a 30-day waiting period to be eligible for the benefits
- $31.00 monthly - deducted from the salary or pension payment
GROUP COVERAGE FOR CANCER AND PERNICIOUS DISEASES
This is a plan that helps you cover extraordinary medical expenses in case of cancer and the following pernicious diseases: Muscular Dystrophy, Poliomyelitis, Multiple Sclerosis, Diphtheria, Encephalitis, Rabies, Tetanus, Tuberculosis, Osteomyelitis, Meningitis, Typhoid Fever, Malaria, Reye Syndrome, Myasthenia Gravis, Rheumatic Fever, Homozygotic Deparnocytic Anemia (SS), Tularemia, Scarlet Fever, Addison’s Disease, Legionnaires Disease, Niemann-Pick Disease, Toxic Epidermal Necrosis, Toxic Shock Syndrome and Discoid Lupus Erythematosus.
You also may obtain additional coverage with the Organ Transplant Endorsement.
This is not a medical plan, nor does it substitute the benefits of a medical plan.
This plan is available to you and your family at a cost of:
- Individual Plan - $4.00 Monthly (debited from your bank account after the first payroll)
- With Organ Transplant Endorsement. - $3.30 additional
- With Organ Transplant Endorsement. - $3.30 additional
- Family Plan - $7.00 Monthly (debited from your bank account after the first payroll)
- With Organ Transplant Endorsement. - $6.30 additional
FUNERAL INSURANCE
It is possible that participants lack the necessary savings to cover their funeral costs and free their family from these unexpected expenses. Aware of this reality and wanting just the best for all its members, the Cooperativa de Ahorro y Crédito Rafael Carrión, Jr. offers an EXCELLENT AND EXCLUSIVE GROUP FUNERAL INSURANCE, FREE OF CHARGE to all our Members/Owners. This FUNERAL INSURANCE offers a $3,000.00 benefit when the insured member dies.
Following are some questions and answers related to this FUNERAL INSURANCE:
- Who is eligible for this insurance? Every MEMBER of the Cooperativa de Ahorro y Crédito Rafael Carrión, Jr., who is active as of December 1, 2014, and every member who becomes a member after that date, is less than 55 years of age and complies with the requirement of maintaining his shares up to date.
- Who pays for the insurance? TheCooperativa de Ahorro y Crédito Rafael Carrión, Jr. will renew it annually during December. Every active member at that time will be covered.
- When does the insurance expire? If the Member resigns from the Cooperativa or is no longer a member of the group upon canceling membership, he or she is no longer covered.
- What does the insurance cover? This insurance will pay the benefit in the event of: o NATURAL death o Death due to ILLNESS o ACCIDENTAL death
- Which are the limitations of this policy?
- Suicide: If an insured party commits suicide in his/her first year of coverage, the benefits will not be paid.
- Pre-existing Conditions: There is a waiting period of 12 months.
- Age of Eligibility: At the effective date of coverage, all active members will be eligible, regardless of age. After the effective date of the coverage, every new Cooperativa member must be less than 55 years of age to be eligible.
- Suicide: If an insured party commits suicide in his/her first year of coverage, the benefits will not be paid.
- What is the claim process? A family member of the deceased Member must send the Cooperativa the following documents:
- Death Certificate(original) o Funeral home invoice(original)
- Legal identification (current) of the claimant
- Claim Form We will send these documents to the insurance company, Cooperativa de Seguros de Vida de Puerto Rico, COSVI. Following an analysis process of eligibility and coverage, the insurance company will pay the claim as soon as feasible, in accordance with the terms of the issued policy. The claim period is of 12 months after the death of the Member.
- Death Certificate(original) o Funeral home invoice(original)
- To whom is the benefit paid? Benefits will be paid to the person who presents evidence of having incurred the funeral expenses.
For additional information about the coverage of this insurances, please contact Joan Cruz, COSVI exclusive Authorized Representative, at (787) 466-5032 or by email at joan.cruz@cosvi.com.
CREDIT INSURANCE (CALAC)
Our Cooperativa provides free of charge to its partner’s coverage for unsecured loans. In the event of the death of an insured partner, the outstanding balance will be settled. (Effectiveness: April 1, 2002). Cover up to 75 years.
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