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Insurance

Insurance is defined as a system to protect persons against the risks of financial loss by transferring the risks to a large group who share the financial losses and that group is the Aero Services family. We are here to help you navigate those times of personal loss with as little distraction as possible. Come in and talk to us about your financial options, and get your system in place before it is too late.

The Family Indemnity Plan

This Plan was developed for credit union members by CUNA Caribbean Insurance Society Limited and provides coverage for up to six (6) persons including the member’s spouse, children and parents up to age 76. The member chooses from five (5) available coverage options $10,000, $15,000, $20,000, $30,000 and $40,000. The credit union receives a fee for each member who is enrolled under the Plan.

Life Savings Insurance

This is a group life insurance that provides benefits to the member’s beneficiary in proportion to the amount of savings the member had in the credit union. It covers all types of savings accounts the member may have, including shares, regular deposits, fixed deposits and special savings plans. The actual benefit will be subject to the age of the member when the deposit was made and the maximum limits in force during the lifetime of the member. Coverage is restricted to savings made before age 70. The current individual maximum at Aero Services Credit Union is $30,000. This benefit is provided at no direct cost to the member.

Loan Protection Insurance

This covers all the eligible loan balances of a credit union member against untimely death or total and permanent disability. The insurance benefit repays the outstanding insurable loan balance should death, by any means, occur before age 70 or total and permanent disability before age 60. The amount of the benefit is subject to what is referred to as the credit union’s individual maximum, which in the case of Aero Services Credit Union, is $100,000. This means that, should death occur before age 70 or total and permanent disability take place before age 60, CUNA Caribbean Insurance Society Limited will pay the credit union up to $100,000 to clear off the member’s debt.

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