The loss of a loved one is one of life’s most emotionally challenging experiences. Compounding that grief with unexpected funeral and memorial expenses can create severe financial hardship for families. The Family Indemnity Plan (FIP), administered through Central Bank Employees’ Credit Union and underwritten by CUNA Caribbean Insurance, provides guaranteed, immediate financial protection for up to six family members under one single affordable monthly premium.
What is the Family Indemnity Plan (FIP)?
The Family Indemnity Plan is a specialized group life and final expense insurance program designed specifically for credit union members and their families. Unlike traditional commercial life insurance policies that require complex underwriting and individual premium structures for each person, FIP covers your entire immediate family under a single group plan.
One Plan Protects Up to 6 Eligible Family Members:
• The Primary Member
• The Member’s Legal or Common-Law Spouse
• Children (including legally adopted children) up to age 25
• Parents or Parents-in-Law of the Member (enrolled prior to age 76)
Comprehensive Benefit Tiers: Plans A Through G
CBECU members can select from seven flexible benefit levels tailored to match your family’s budget and desired coverage threshold. Each covered family member enjoys the full individual benefit amount upon passing:
| FIP Benefit Tier | Individual Benefit per Covered Person | Total Monthly Premium (Covers Up to 6 People) | Ideal Protection Level |
|---|---|---|---|
| Plan A | $10,000 TTD | $52.80 TTD | Basic Memorial Assistance |
| Plan B | $15,000 TTD | $79.20 TTD | Standard Final Expense |
| Plan C | $20,000 TTD | $105.60 TTD | Enhanced Funeral Coverage |
| Plan D | $30,000 TTD | $158.40 TTD | Comprehensive Memorial Security |
| Plan E | $40,000 TTD | $211.20 TTD | Complete Family Peace of Mind |
| Plan F | $65,000 TTD | $343.20 TTD | Executive Tier Protection |
| Plan G | $100,000 TTD | $528.00 TTD | Maximum Platinum Family Security |
Key Advantages of the CBECU Family Indemnity Plan
Why thousands of credit union members across Trinidad and Tobago rely on FIP as their primary final expense safeguard:
- Zero Medical Examinations: No health questionnaires, blood tests, or doctor verifications required for enrolment. Acceptance is guaranteed for eligible family members under the age threshold.
- Rapid 48-Hour Claim Disbursement: Claims are processed and disbursed within 2 business days directly to the beneficiary, ensuring emergency funds are immediately available when needed most.
- Lifetime Coverage: Once enrolled prior to age 76, coverage continues for the lifetime of all enrolled individuals as long as monthly premiums are maintained.
- Direct Salary Deduction: Premiums are deducted seamlessly from your Central Bank payroll, ensuring continuous, uninterrupted policy active status.
“Ensuring your family is protected against sudden bereavement expenses is the ultimate expression of love and financial responsibility.”
How to Enroll or Upgrade Your Existing Plan
Enrolling in the Family Indemnity Plan or upgrading your benefit tier takes only a few minutes:
- Review Plan Options: Choose the benefit tier (Plan A – G) that best fits your family’s needs.
- Gather Required Identification: Prepare copies of birth certificates for all covered persons (and marriage certificate for spouse).
- Submit Enrolment Form: Download the FIP enrolment form or visit our 11th Floor office. Reach out to our member services team at members@cbecu.com or call (868) 621-2288 for immediate assistance.