Three Benefits You
May Not Know You Have

 

Loan Protection and Life Savings

Disclaimer: We hope that you find this information useful, however, please note this information only applies to BPWCCUL’s death claim process and is not to be taken as specific legal advice on the law relating to succession or its applicability to any particular deceased member’s estate administration. Independent legal advice should be sought on the Succession Act of Barbados and its applicability to any individual deceased member’s estate.

Also, note that the terms of this Loan Protection Life Savings (LPLS) policy may change or that this LPLS policy may in the future be no longer in existence.

 

DEATH CLAIMS BENEFIT

We understand that during bereavement, dealing with the affairs of your loved one can feel complicated and overwhelming. This information serves to guide persons on how to settle the financial affairs of a member of the Barbados Public Workers’ Co-operative Credit Union Limited (“BPWCCUL”) who has died.

The following Frequently Asked Questions about our Death Claims process have been answered here to help make the process easier for surviving family members or friends of our deceased members:

 

HOW DO I NOTIFY THE CREDIT UNION WHEN A MEMBER DIES?

  • By calling our Contact Centre at (246) 622-9000.
  • In person - By visiting any one of our conveniently located branches across the island.
  • In writing addressed to the Claims & Recoveries Department through formal notification from an Attorney-at-Law of your choice.

 

WHAT DOCUMENTATION WILL THE CREDIT UNION NEED TO BEGIN THE CLAIMS PROCESS?

Submit the following documents to the Credit Union within ninety (90) days of the date of death of a member:

  • Original Death Certificate
  • Original Registration of Death Certificate
  • Original Birth Certificate of deceased member
  • Completed Insurance Claim Form (where applicable) – This form can be collected from any branch of the Credit Union.

Original documents are obtained from the Government Registry Department and submitted by you to the Credit Union. The Insurance Claim form will be returned to you once the death claim process is completed.

 

ARE LOANS & SAVINGS INSURED AGAINST DEATH?

Yes, consumer loans and savings held in individual accounts with BPWCCUL are covered against a member’s death. Note however that the deceased member’s consumer loan must be current as at the member’s death.

At present, the Credit union’s Loan Protection Life Savings Policy (LPLS) covers members from age 16 up to age 70. The maximum coverage per account is one hundred and fifteen thousand dollars ($115,000.00). This covers a combined maximum coverage on loans up to BBD $100,000.00 together with a maximum coverage of up to BBD $15,000.00 on savings held solely on the Primary Shares (S00) and Call Deposit (S01) account records.

N.B. Coverage on loans does not apply to Mortgages, Further Charges, Home Equity Loans or Home Equity Lines-of-Credit.

 

WHAT HAPPENS IF ANY LOAN HELD BY A DECEASED MEMBER IS NOT SETTLED BY THE INSURANCE PROVIDER?

Where a loan or any part of a loan held by the deceased is not settled, any balances standing to the credit of the deceased person may be used to clear any monies owing to the Credit Union. If the Credit Union is still owed money after this process occurs, the Credit Union shall request repayment from the deceased’s estate. The next of kin, Executors or Administrators are not personally liable for any debts owed. They are however responsible for ensuring that all outstanding debts, including debt owed to the Credit Union, are settled from the deceased’s estate.

 

WHAT DOCUMENTATION IS REQUIRED FOR THE DISBURSEMENT OF FUNDS?

The following documentation is required for the disbursal of funds on behalf of a deceased member’s estate:

  • Original Letters of Administration ( where no Will is in place) ; or
  • Original Letters Testamentary (where a Will is in place) ; or
  • Original Letter from the Public Trustee in the Attorney General’s Office authorizing disbursement of a deceased members’ funds. The Public Trustee  is authorized under law  to process the administration of a deceased’s  estate which is under BBD $15,000.00 in total value;  or
  • Original correspondence from an Attorney-at-Law acting on behalf of a deceased member’s estate (with copy to the Executor or Administrator) enclosing either original Letters of Administration or original Letters Testamentary and requesting payment of the funds.

 

If the amount due to estate is less than BBD $1,000, the Credit Union may in its sole discretion release the funds to the next of kin or personal representative without having sight of the Letters of Administration or Letters Testamentary.

 

CAN THE FUNERAL BILL BE PAID FROM A DECEASED MEMBER’S ACCOUNT?

The Credit Union will consider requests to settle funeral expenses where the funds on an account are available to facilitate such. The steps are as follows:

1. Submit the original funeral invoice along with any receipts of payments made prior.

2. A cheque is prepared to the funeral home for the full cost of the funeral or part thereof, according to the amount of funds available.

3. The funeral home will then collect the cheque directly from the Credit Union.

Additionally, subject to the availability of funds on the account, the Credit Union may also reimburse an individual for a funeral bill that has been previously paid by them, subject to proof of payment, e.g. a receipt issued by the funeral home.

 

WHAT HAPPENS IF THE DECEASED MEMBER HELD A JOINT ACCOUNT?

The surviving joint account holder would be solely and fully entitled to the funds in the joint account and those funds would not form part of the deceased member’s estate. Upon receipt of an original Death Certificate and on presentation of valid photo I.D. by the surviving joint account holder, the joint account will be closed and the funds transferred to the surviving joint account holder’s individual account.

Where there is a loan on the joint account and there is an outstanding balance on that loan account, the surviving member would be required to continue to make payments to that loan until it is fully repaid. This is the case since joint accounts are not covered under the LPLS policy. Surviving account holders on joint accounts can contact the Credit Union to discuss payment options and further guidance.

 

WHAT HAPPENS IF THERE IS A POWER OF ATTORNEY ON THE DECEASED’S ACCOUNT?

A Power of Attorney granted by a deceased member to another person is automatically cancelled on the death of the deceased member. The person to whom the Power of Attorney was granted immediately ceases to have access to the deceased’s account as at the date of death of the member and they can no longer perform transactions on the deceased member’s account.

 

WHAT IF THE MEMBER DIED OVERSEAS?

The following notarized documentation must be forwarded to the Credit Union to inform us of the member’s passing.

For Account Closure

  • The original Death Certificate (or Certified Copy)
  • The original Birth Certificate (or Certified Copy)
  • Certified Copy of the Will of the deceased member (if applicable)

 

For Payment of Funds to Deceased Member’s Estate (via Qualified Administrator or Executor)

  • Original Letters of Testamentary OR Letters of Administration (from origin country)

 

Please note that if the member has Letters of Administration or Letters Testamentary issued from the origin country to be resealed in the High Court of Barbados by an Attorney-at-Law, this is done by the Administrator or Executor of the deceased member’s estate. Alternately, the solicitors in the origin country can manage this resealing process with an Attorney-at-Law in Barbados.

 

WHAT OTHER INSURANCE BENEFITS ARE AVAILABLAE TO ME AS A MEMBER?

The Credit Union’s insurance policy also offers:

 

MATERNITY BENEFIT

When a female member becomes pregnant, the LPLS provides coverage for three month’s payment of loans up to a maximum of BBD $ 1,000.00 per month. A maximum of three claims (three pregnancies) per female member is available throughout the lifetime of membership with the Credit Union.

 

TEMPORARY DISABILITY BENEFIT

This plan covers loan payments for six months up to a maximum of BBD $1,500.00 monthly.

 

PERMANENT DISABILITY BENEFIT

This plan offers coverage for twenty four (24) months’ loan payments or payment of full loan balance(s) whichever is less. The maximum monthly payment is BBD $1,500.00.

 

HOW DO I APPLY FOR THESE OTHER BENEFITS?

 

Maternity Claims

• Notify the Credit Union within 90 days after the date of birth of the child.

• Complete a Maternity Claim form - collected from the Credit Union.

 

Disability Claims

• Notify the credit union within 90 days of the date disability status was commenced.

• Submit a completed an Attending Doctor’s Statement form - collected from the Credit Union.

In order to be entitled to a maternity claim settlement, loans must have been in existence for at least nine months prior to conception. Any restructuring, consolidating or refinancing of loans during pregnancy will result in loss of claim.

 

WHAT DOCUMENTATION IS REQUIRED FOR THE DISBURSEMENT OF MATERNITY OR DISABILITY CLAIMS SETTLEMENTS?

The Credit Union requires a settlement from your insurance provider in order to credit the proceeds of the claim to the member’s loans.

Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) logo

Call us: (246) 622-9000

Toll-free 1-866-800-6146

UK Freephone 0808-234-1327

Fax: (246) 437-8745

E-mail: contact@bpwccul.bb

This is where you belong

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