Subject: CUNA Caribbean – Notice of rate adjustment and additional benefits for the family indemnity plan.
Dear Valued Members,
Effective 1st June 2025, there will be an increase in CUNA’s Family Indemnity Plan (F.I.P) rates.
This increase is introduced as a result of CUNA’s annual actuarial claims experience, and the adjusted new rates are as follows.
Premiums from June 1st, 2025 will be:
| PLAN | COVERAGE | CURRENT PREMIUM | NEW PREMIUM |
| A | $10,000 | $52.80 | $63.40 |
| B | $15,000 | $79.20 | $95.10 |
| C | $20,000 | $105.60 | $126.80 |
| D | $30,000 | $158.40 | $190.20 |
| E | $40,000 | $211.20 | $253.60 |
| F | $65,000 | $343.20 | $412.10 |
| G | $100,000 | $528.00 | $634.00 |
Moreover, CUNA Caribbean also enhanced the Plan’s features to ensure members continue to receive exceptional value from their coverage.
As such, they are pleased to announce the addition of the following new features of the F.I.P:
- Terminal Illness Benefit: If an Insured Member or Person is diagnosed with a terminal illness and has less than six (6) months to live, they can receive their full Plan Benefit while still alive.
- Accidental Death Benefit: If the Insured Member dies due to an Accident, the Plan will pay double the Coverage amount.
- Coverage for More Children: The Plan now covers up to five (5) children. Expanded coverage will extend to children who financially depend on the Insured Member, whether they are biological, adopted, or otherwise. This therefore means that the Plan will now cover up to nine (9) family members.
Additionally, members can choose from greater coverage options with our optional, expanded Critical Illness Rider, still at the same premium rates:
- The Insured Member may now choose from six (6) coverage levels, with benefits up to $600,000.
- Critical Illness protection has been increased from five (5) to ten (10) critical illnesses – Cancer, Heart Attack, Stroke, Major Burns, Coma, Coronary Artery Bypass (new), Alzheimer’s Disease (new), Deafness (new), Loss of Speech (new), and Multiple Sclerosis (new). * Conditions and waiting periods apply
Next Steps:
To ensure uninterrupted coverage for you and your family, we request the following actions be completed by May 30, 2025.
- Facilitate Payment Adjustments: Members are asked to update their payment methods, such as standing orders, salary deductions, or online payment instructions, to reflect the new premiums.
- Enrolments/Change of Plans: For all new enrolments or plan changes completed in May, the new premium rates will apply, as coverage will be effective from June 1. All subsequent premium payments—whether via standing order, salary deduction, or online must reflect the adjusted premiums from June 1 onward.
- Monthly Share payment: For members to continue enjoying the benefits of their FIP plan, monthly share payments are required to keep our account active and avoid the risk of your account becoming inactive or dormant.
Should you have any questions or need further assistance, please contact, Ms. Eleatha Sebro-Hoyte, F.I.P. Officer, Tel: 623-7570 Ext: 209,
Email: Eleatha.sebro@pscutt.com
PSCU Credit Union Cooperative Society Limited is committed to providing quality products and services to our members, and we thank you for your understanding on this matter.
*** Please note that delays in updating the mentioned ‘Rate Adjustments’ may result in the termination of your coverage.
Cooperatively,
Andre M. Padia
Chief Executive Officer