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Credit Life Insurance Plan

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ELIGIBILITY. Members and employees of cooperatives that are members of the National Confederation of Cooperatives who are not less than 18 years old but not more than 65 years old may apply for membership in the Association by submitting an application form in the prescribed form. 

EFFECTIVITY. The Association may accept or reject the application of an individual in accordance with its prevailing underwriting guidelines. An individual accepted for membership in the Association is hereinafter referred to as a Member.

Membership in the Association becomes effective only when the individual is alive and in good health on the date of payment of the initial contribution.

CERTIFICATE OF MEMBERSHIP. The Association shall issue a Certificate of Membership to each member setting forth a summary of the benefits and other privileges as a Member of the Association.

MISSTATEMENT OF AGE. In the event the age of a Member has been incorrectly stated, the Association may adjust the contributions or benefits or both according to his correct age. If the Member is not eligible for coverage, the Association shall refund all contributions paid.

INCONTESTABILITY. Except for non-payment of contributions or any other grounds recognized by law and jurisprudence, one’s Certificate of Membership cannot be contested for willful misstatement or misrepresentations made in the application after the certificate of membership has been in force during the lifetime of the Member for one (1) year from the effective date of membership or the date of its last reinstatement. 

No accidental death benefit payment shall be made for death resulting from or caused directly or wholly, by: 

  1. Self-destruction or self-inflicted injury, or any attempt to commit them while sane or insane;
  2. Bodily or mental infirmity, hernia, ptomaine or bacterial infection (except pyogenic infection which occurs with or through an accidental cut or wound) or disease or sickness of any kind;
  3. Any injury received:
    1. while on police duty in any national or local police or armed forces organization or civilian defense forces;
    2. while participating in any brawl, or caused by war, whether declared or undeclared, strike, riot, civil war, revolution, insurrection, rebellion, or any war-like operation, or any violation or attempt of violation of the law or resistance to arrest; murder or provoked assault;
    3. while traveling in any form of underwater transportation, or engaging in any underwater operation or activity;
  4. an accident occurring while or because the Member is affected by alcohol;
  5. any occupational hazard, as in the case of miners, loggers, public utility vehicle drivers, crew members of vessels or aircraft, detectives, professional athletes, jockeys, casino workers, firefighters, fishermen, seamen, overseas contract workers, high-rise construction workers, and policemen or any occupation of similar hazard;
  6. sports or avocation hazard, as in the case of any motor competition, sky or scuba diving, mountaineering or rock climbing, power-boating or yachting beyond five (5) kilometers of coast line, hunting, parachuting, bungee-jumping, and other forms of extreme sports;
  7. Medical, surgical or dental treatment of any kind, or the administration, injection or taking, accidentally or otherwise, of any drug, sedative or other medication except when such treatment or medication is required as a result of an accident;
  8. Atomic energy explosion, nuclear fission, or radiation of any nature whatsoever; or
  9. Pregnancy, abortion, miscarriage, childbirth and/or any of its/their complications.


SUICIDE. The death benefit shall not be compensable if the Member commits suicide within one (1) year from the effective date of his Certificate of Membership or of its last reinstatement; provided however that suicide committed in the state of insanity is compensable regardless of the date of commission.

Where the suicide is not compensable, the liability of the Association is limited to the refund of the contributions that is actually received without interest less all indebtedness under the account of the Member.


BENEFICIARIES. A Member shall have the right to designate anybody, not disqualified by law, as his beneficiary or beneficiaries, and may at any time, designate new beneficiary or beneficiaries by filing a properly completed written request on a form satisfactory to the Association. Such change shall take effect only when recorded in writing by the Association at its Home Office but without prejudice to the Association on any payment made before receipt of such notice.

The death benefit shall be payable to the Member’s designated beneficiary or beneficiaries, if surviving; or if there be no beneficiaries designated or surviving at the death of the Member, to the surviving class of the following classes of successive preference beneficiaries:

      The Member’s:

  1. widow or widower
  2. surviving children born to or legally adopted by the member
  3. surviving parents 
  4. surviving brothers and sisters
  5. executors and administrators


Surviving beneficiaries in the same beneficiary classification share equally in the death benefit proceeds for that beneficiary classification, unless otherwise specified.

FILING OF CLAIM. A claim for death benefit shall be filed with the Association’s office within six (6) months after death of a Member or in case of accidental death, within thirty (30) days from the date of accident causing the death, or as soon thereafter as is reasonably possible. Failure to comply within the time provided shall not invalidate nor reduce the benefit if it was given as soon as was reasonably possible.

The claim should be accompanied with the appropriate proofs in accordance with the prevailing guidelines of the Association and the Insurance Commission. 

PAYMENT OF CLAIM. Claims shall be paid within ten (10) working days from receipt of complete documents. The Association shall establish procedures and guidelines to deliver the benefit payments, in full or in part, earlier than the period stated above to enable the family or beneficiaries of the Member to meet urgent burial needs.