Bermuda Credit Union

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Insurance

Insurance Plans from CUNA

Bermuda Credit Union is proud to be partnered with CUNA Caribbean Insurance (CCI), a leading insurance provider serving credit unions members through a combination of products.

BCU Members have the option to participate in the following insurance plans:

Family Indemnity Plan

Don’t leave your loved ones to bear the burden of high funeral costs and other end-of-life expenses in a time of mourning.  

Safeguard you and your loved ones financial future with the Family Indemnity Plan (FIP). 

The Family Indemnity Plan provides final expense coverage for you and your family through the provision of a death benefit to help cover immediate expenses such as funeral and burial expenses; medical bills, unpaid loans; legal fees to probate a will and more. 

The list is endless and you decide how best it can be used to help you or your loved ones deal with expenses in a time of grief.

To enjoy coverage under any one of the four coverage options with the Family Indemnity Plan, you must be a member of the Bermuda Credit Union.

Who is Eligible for Coverage?

Eligible family members who have not yet attained the age of 76 years and who do not already have coverage under another active certificate:

  • The member
  • The member’s spouse or significant other
  • Any combination of two (2) parents consisting of the member’s parents, or the parents of the member’s spouse whom, at the time of enrollment, have not yet reached their 76th birthday. (The member is limited to a maximum of two parents &/or in-laws in total for the duration of the time the certificate is active)
  • Permanently disabled children, who will have cover for the duration of their life once enrolled between ages 1-25
  • Unmarried children ages 1-25
  • One monthly premium covers final expenses for you and up to five eligible family members
  • No medical examination required
  • You are eligible to receive the full individual benefit payout per person for each claim
  • You get a lifetime insurance coverage once you enroll before age 76
  • You as the member have your family of 6 (including self) on Plan A.
  • You pay $31.70 a month for the plan.
  • You and your family get in an accident and you all pass away.
  • Since Plan A contains an individual benefit of $5,000 for each person covered by the plan, there will be a total payout of $30,000 to the beneficiaries.
Critical Illness Rider (Optional Add-On)

As the owner of a Family Indemnity Plan, you may enjoy the following benefits and special features when you add the Critical Illness Rider.

  • You receive a payout if you are diagnosed with a covered critical illness (cancer, heart attack, stroke, paralysis and major burns);
  • No medical required;
  • You are eligible for the Rider until you are 60 years of age;
  • You must wait six (6) months after enrollment to be able to benefit from the Rider, unless you are diagnosed with a covered critical illness as a direct result of an accident;
  • You are entitled to receive only one lump sum payment for the life of the Rider; and
  • Your family will receive a refund of your Critical Illness Rider premium payments without interest should you pass away while your Critical Illness Plan is still in effect.
 

Critical Illness Add-On is only for the member who owns the policy, not their loved ones covered under the FIP Plan. The member must have an existing FIP to benefit.

  • Two coverage options are available for this add on: 7,500 or 15,000.

Golden Harvest Savings Plan

Secure Your Future with the Golden Harvest Savings Plan

Whether you’re saving for your child’s education or wedding, a new car, your dream home, travels, or a comfortable retirement, the Golden Harvest Savings Plan ensures you achieve your financial goals.

Life can be unpredictable, but with the Golden Harvest Savings Plan, no matter what happens, you or your loved ones will receive the full amount of your savings goal. In the event of your permanent disability or untimely passing, your plans for the future can still be realized.

Who is Eligible for Coverage?

A Member is eligible for insurance coverage under this Policy if the member:

  • Is sixteen (16) to sixty-five (65) years of age, inclusive, and
  • is in good health at the time of enrollment in the Golden Harvest Savings Plan.
  • No Member is eligible for coverage after they attain age seventy (70).
  • Monthly deposits guarantee the achievement of your savings goals;
  • Insurance benefits (which equal your savings goal) will be paid to:
    • You, the insured
    • Your beneficiary
  • Your savings goal for the next 10 years: $15,000
  • You become permanently disabled or pass away, but you have only saved: $5,000
  • You or your beneficiary receives:
    • Total amount saved: $5,000
    • The total insured balance: $10,000
    • Total Payout: $15,000.

Plan and Insure Today

Book an appointment with a representative to discuss our CUNA/CCI Insurance Plans.

Submitting a Claim

Filing a Claim for CUNA Insurance Products at BCU

The following documents are required to file a claim for insurance at Bermuda Credit Union:

You will need to have these documents ready when meeting with a Member Care Representative to submit your claim at the Credit Union.

"The Bermuda Credit Union is like a friend I can lean on."​
Kovette Bean
Member