Frequently Asked Questions
1. What types of coverage is available under the insurance offering from Sagicor?
Life Insurance Coverage
2. Define insurance
Life insurance is a contract between an insurance company and a policy holder, where the insurers pay a lump sum cash benefit to the designated beneficiary of the person who is insured.
3. Who is eligible for coverage from these plans?
These plans have been specifically designed for the customers of the Cave Shepherd Group: Payce Digital, SigniaGlobe Financial Inc. and Fortress Fund Managers
4. What are the benefits and features under each insurance product?
Life Insurance pays a lump sum cash benefit to the beneficiary you name in the event of your passing.
5. What is the coverage amounts associated with this plan?
There are three coverage options under the Group Life Insurance plan: $10K, $20K and $75K. Persons who are enrolled will remain covered once premiums are paid, and they are active customers of the Cave Shepherd Group.
6. As a Cardholder, am I eligible for coverage?
Yes, Cardholders between 18 – 59 years are eligible for coverage
7. What will be the maximum age for enrollment after the open enrollment period has closed?
Customers can apply up to a maximum age of 59 but must complete a medical examination to be considered for enrollment.
8. Will my spouse and dependents be eligible for coverage?
Only Payce Digital cardholders and customers of SigniaGlobe are eligible for coverage.
The life coverage is not extended to their dependent spouses or children.
9. Is the additional Cardholder on my account eligible for coverage?
No
10. How do I become enrolled into the program?
Your enrollment will be facilitated via an online enrollment portal. Please contact your representative for further details.
11. Is there a specific age range for enrollment?
Yes, persons between the ages of 18 – 59 are eligible to be enrolled in the plan.
12. What is the estimated monthly premium cost per insurance product?
Your premium will range from $10.00 to $48.75 monthly depending on the coverage amount chosen.
13. How will I be charged once I am enrolled?
You will be charged via your Payce Digital card once enrolled. SigniaGlobe customers will need to set up a direct debit to facilitate payment.
14. Does every member within a plan have to follow the same frequency of premium payments?
Yes. Payments for all members will be monthly.
15. If a customer/member missed a payment and the policy lapsed, can the coverage for the individual be reinstated and if so, how is this done?
Late payments can be made up to 31 days after the due date. Should payment not be made during this time, the policy would lapse. To re-join the plan will require underwriting (completion of medical examination) before reinstatement.
16. Will I be provided policy documentation once enrolled?
You will receive a certificate of Insurance once enrolled. This will confirm your coverage amount and other pertinent details related to your coverage.
17. Can I opt out of the insurance product?
Yes, customers can opt out, this coverage is not mandatory.
18. If a person is no longer a customer of the Cave Shepherd Group of companies, can they continue to pay for the Insurance coverage?
No, coverage is linked to being a customer of the Cave Shepherd Group of Companies.
19. What is the process and timeframe for submitting a claim?
Claims should be submitted immediately to the insurance company where it is recorded in the system and vetted for completeness.
Claims will be processed within 10 – 15 business days.
20. Is this policy annually renewable and is it likely that there could be adjustments to the premiums/coverage or even cancellation of the programme at renewal?
Yes. The Cave Shepherd plan is a Group Life product and as such is annually renewable. This means that premiums may change annually based on the average age of the portfolio and the claims experience.
21. Where can I go to find more information on the plan?
Please visit the following website: https://connect.sagicor.com/#/caveshepherd Or contact your representative at Payce Digital at 539-4444 for more details.