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The Family Indemnity Plan for Credit Union Members

How does the plan work?

When there is a death in the family, the Family Indemnity Plan (FIP) will pay cash benefit to cover the funeral cost for your eligible family member(s). These may be the member, the member’s spouse, or the member’s parents or one or the other of his parents in-law, all of whom have not yet attained age seventy-six (76) at the time of the enrolment.

Also eligible are the children of the member, including dependent children under legal guardianship of the member, who are not married and are age one (1) through twenty-five (25).

Advantages of the Family Indemnity Plan

No Medical Examinations or questions
Lifetime Insurance Coverage
Payments for claims are made within two (2) days

How does a person enroll in the Plan?

Type Of Plan
Monthly Premiums
Death Benefits Payable
Plan A
Plan B
Plan C
Plan D
Plan E
Plan F $343.20 $65,000.00
Plan G $528.00 $100,000.00
First he/she must be a credit union member. The member then applies for the Plan. The options are as follows.
It is a simple process, which requires that the member fills out an enrolment form at the credit union and pay the first month’s premium. Coverage is effective the first of the month following enrolment. There is however a six-month waiting period during which only claims arising from accidental death will be paid.
Contact the Credit Union Today, for more information!

Payment Protector

In life the unexpected happens…

It may be a sudden illness or an unfortunate accident. These circumstances may affect your ability to work – which in turn may adversely affect a number of financial matters.

RHAND Credit Union has something to protect you - THE PAYMENT PROTECTOR PLAN.
What is Payment Protector?
It is a temporary disability insurance provided by the Credit Union. If you are unable to work due to temporary sickness or any injury, Payment Protector provides a benefit which covers your regular monthly payments to the Credit Union. These payments include:
  • Loan installments
  • Credit to Shares and Deposit accounts
  • Insurance premiums – e.g. Family Indemnity Plan (FIP)
All this is paid for you – up to a maximum of two (2) years.

Who qualifies?
Payment Protector is available only to Credit Union members who have a loan(s). Additionally members must be between the ages of eighteen (18) and sixty-five (65) years. If you are unemployed at the time of signing up, you can still get coverage!

How does a member access this service?
Simple! Your loans officer at the Credit Union will help you to complete an enrollment form, and calculates the necessary premium which is included in your loan installment. You will then receive a certificate which highlights the details of the plan.

When the unfortunate happens, your focus should be on getting back on your feet, not financial matters. Let Payment Protector take care of you.

For more information, contact your Credit Union Representative today….

"RHAND is a blessing! RHAND has been my life's saviour throughout, meeting my financial needs in a...."
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