Family Indemnity Plan - Frequently Asked Questions


“Losing a loved one is difficult….

Paying for funeral expenses doesn’t have to be.”


What is The Family Indemnity Plan?
  The Family Indemnity Plan or (FIP) is a Final Expenses plan associated with funeral expenses that covers you, the member, and five members of your family.
Who are the eligible family members covered?
The member (up to age 76 years)
Member’s spouse or significant other (up to 76 years)
Significant othera person of the opposite sex who lives with the member and is considered to be the Insured’s common-law spouse.
Unmarried dependents between the ages (1 to 25 years - biological or non-biological)
Member’s parents or spouse’s parents (up to 76 years)
All adults (not dependants) need to join the plan before reaching age 76.
How much does the plan cost?
  The payments are as follows:
  Choose the plan that best suits you
  Premium Benefit
PLAN A $52.80 monthly $10,000
PLAN B $79.20 monthly $15,000
PLAN C $105.60 monthly $20,000
PLAN D $158.40 monthly $30,000
PLAN E $211.20 monthly $40,000
Is the premium payment per person?
  No. One premium payment covers a minimum of 1 to a maximum of 6 persons.
Does one benefit amount cover the entire family?
  No. Each family member would have a benefit based on the plan selected.
Can I increase my benefit?
  Yes, you can increase your benefit. However, there is a six (6) month waiting period for a higher limit. If death occurs within the six (6) month waiting period the lower benefit will be paid except in the case of accident.
Can I decrease my plan?
  No. You must cancel your current plan and re-enroll with the six (6) month waiting period applicable.
How soon are persons under the plan covered?
  The first of the month following which the application form is completed and a premium paid.
Example:- The individual completes the form and pays the first premium on May 15th. The effective date of coverage is June 1st.
If someone dies by natural causes on August 10th, will the Trinidad Building and Loan Association pay a claim?
  No. Once a person dies from natural causes during the first six (6) months of the policy, a claim will not be paid. However, if a person dies from accident a claim will be paid.
Can I name a beneficiary under the plan?
  Yes. If you are the only person covered under the plan or if the dependants are under 18 years.
Can I add or delete names?
  Yes, you can add or delete names.
When does the plan terminate?
  The plan terminates when the Association cancels its contract or when premiums are not paid thirty-one (31) days after the stipulated due date.
Where do I submit a claim and what are the requirements?
  You must submit the claim at the Association. You must present the original death certificate and proof of age showing name and date of birth of the deceased in the form of: Identification card, driver’s permit, passport or birth certificate.
How soon is a claim settled?
  Claims are paid within two (2) working days upon receipt of all claim documents.
If the member dies what happens to the plan?
  Any eligible dependent can continue the plan.
Can a person enroll on The Family Indemnity Plan at more than one credit union?
  No. A person can only be enrolled once, since duplication of coverage is not allowed.
Would I get a refund of premiums if I decide to stop the plan?
  No. The premium covers a specific period of time and once the time expires, another premium renews the period. For example, if you pay a monthly premium, that premium covers you from the 1st to the 31st of the month. On expiration of that period, you would need another monthly premium for another term.

Family Indemnity Plan Form

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