All Access Account Free Life Insurance

All Access Free Group Life Insurance and Group Accidental Death Benefit

DEFINITION
The “Bank” or “Policyholder” whenever used below shall refer to Security Bank Corporation, while “Insured” or “Eligible Accountholder” shall refer to AllAccess Checking accountholder eligible for the free group life insurance and group accidental death benefit.

“ADB” or Average Daily Balance is defined to be the sum of the daily end-of-day balances in the account for the past three calendar months divided by the number of days in that period.

“Master Policy” refers to the Group Insurance Policy entered into by Security Bank Corporation with FWD Life Insurance Corporation

ELIGIBLE ACCOUNTHOLDER
An AllAccess Checking accountholder may be eligible for the free group life insurance and group accidental death benefit provided that the following criteria are present at the time of enrolment:

• Must be between 18 to 60 years old; and
• No adverse health statements or declaration are made in the Group Life Insurance Form.

The accountholder shall continue to be eligible for free group life insurance and group accidental death benefit for as long as conditions (i) and (ii) above are met based on the Bank’s evaluation as of the last banking day of each month.

For joint accounts, only the primary accountholder will be designated as the Insured.

EFFECTIVE DATE OF INSURANCE
The free group life insurance and group accidental death benefit shall take effect on the date of enrolment of the Eligible Accountholder subject to the terms and conditions stated in the Master Policy.

BENEFIT AMOUNT
The benefit amount shall be equal to the account’s year-to-date (YTD) Average Daily Balance (ADB) for the past three months immediately preceding the death of the Insured subject to a maximum amount of Php3,000,000 regardless of the number of AllAccess Checking Account existing under the name of the Insured at the time of his/her death. Any amount in excess of this limit shall be without insurance coverage.

The benefit amount of the Insured shall be as follows:

The Family Assistance benefit provides a fixed amount of up to P25,000 to the family of the Insured to help cover for the sudden funeral expenses. This amount is advanced from the Benefit Amount.

Terminal Illness Benefit advances the payment of the Group Life Insurance benefit amount up to P2,000,000 if the insured is diagnosed with Terminal Illness.

For the first three (3) calendar months of coverage from Effective Date of Insurance, the following is the amount of Insurance of the Insured Individual:

The YTD ADB for the 1st calendar month of coverage is defined to be the sum of the daily end-of-day balances in the account for that month, divided by the number of days the account has been existing.

EXCLUDED CIRCUMSTANCES
Deaths due to suicide occurring on the first year of coverage are not covered except as provided for by the law.

In addition, the additional Group Accidental Death benefit shall not be payable if the death of the Insured results primarily or secondarily, wholly or partly, from any of the following excluded circumstances:

• Alcohol or drug abuse
• The wilful participation of the Insured in illegal and/or unlawful acts and/or omissions, or
• War or any act of war (declared or not), military insurrection and civil commotion amounting to a popular uprising.

LIMITATION ON BENEFITSM
We will limit the total amount payable on all claims from any Individual Insurance and any FWD insurance policies of the Insured to Php2,000,000 if the Accidental Death is a result of murder.

INCONTESTABILITY
The information provided by the Insured in the Group Life Insurance Enrolment Form is used to determine whether to offer the Insured the free group life insurance and group accidental death benefit. Except for non-payment of the Policy or the Individual Premiums, the Policy shall be incontestable after one (1) year from the Policy Effective Date or the date of reinstatement. The Individual Insurance may be nullified within one (1) year from the Effective Date or date of reinstatement, whichever is later, if FWD determines the statements by the Insured relating to his/her insurability to be incorrect.

BENEFICIARIES
Benefits shall be paid to any one of the Insured’s surviving family members as beneficiaries in the following order: (1) Spouse, (2) Children, (3) Parent/s, (4) Sibling/s, (5) Insured’s estate.

FILING A CLAIM
The beneficiary/ies should proceed to the branch of account and request for the appropriate insurance claim forms and a checklist of the required supporting documents. The claim form and supporting documents should be submitted to the branch of account. The claim request will be accepted only if the necessary forms and supporting documents are complete. All claims are subject to verification and approval by FWD.

PAYMENT OF INSURANCE PROCEEDS
The beneficiary shall receive an amount equivalent to the Benefit Amount as described above at the time of the Insured’s death, for as long as this insurance as well as the Master Policy are in force at the time of death.

TERMINATION OF INSURANCE
The Individual Insurance of an eligible accountholder will automatically terminate on the earliest of the following date:

• The first day of the Insured Accountholder’s 61st birth month;
• the date of termination of the Master Policy;
• the date the Insured Individual’s AllAccess Checking Account is terminated or closed; or
• The date the Insured dies.

AMENDMENT
The Bank reserves the right to discontinue or terminate this free life insurance and accidental death benefit or otherwise amend or revise any of the terms and conditions thereof, including the benefit amount and the ADB requirement to be qualified to avail of the free life insurance and accidental death benefit, among others, subject to prior written notice. Notices may be mailed or delivered to the accountholder’s last known mailing or electronic mail address appearing on the records of the Bank or may be displayed or advertised in the Bank’s branches or published or posted on the bank’s website.

DISPUTE RESOLUTION
Any dispute arising from this product shall be resolved by amicable negotiations between the parties and/or referred to a reputable mediation practitioner prior to resort to litigation or dispute resolution before a regulatory body.

AllAccess Free Group Life Insurance and Accidental Death Benefit

• Who is eligible to avail? Existing All Access and new-to-bank individual non payroll clients whose age is between 18 to 60 years old shall be eligible for the free group life insurance and accidental death benefit, provided that there are no adverse health statements or declaration made during application.
• How do I avail of the free insurance coverage? If qualified, you must open an AllAccess checking account and accomplish the insurance enrollment form during account opening at the preferred branch. The insurance enrolment form contains health statements which you will be asked to answer.
• If I am within the age eligibility but have an adverse health declaration, can I still be covered by the free group life insurance? No, we will only provide free insurance coverage for as long as the new accountholder meets the eligibility requirement and have no adverse health statements or declaration made during application.
• In this case, can I just pay the premium/cost of insurance? No, but you may look into availing a separate insurance with FWD by contacting your SBC branch. You may also visit www.securitybank.com/bancassurance, or email [email protected]
• Is the enrollment mandatory to be covered by the free insurance? Yes, you must accomplish the insurance enrolment form during AllAccess account opening at your preferred branch.
• If the AllAccess account I will open is a joint account, who will be eligible for the free insurance benefit? For joint accounts, only the primary accountholder will be designated as the Insured.
• What if the primary accountholder is ineligible due to age or health condition, can the secondary accountholder avail of the free insurance benefit? No, only the principal accountholder may enroll to the free insurance benefit.
• Will I get a proof of my coverage? All eligible AllAccess checking accountholders shall receive an AllAccess T&C from the Bank which includes the related provisions for the free group life insurance and accidental death benefit. You may request the T&C from any Security Bank branch or download in our website at www.securitybank.com.ph
• When will my insurance coverage take effect? The free group life insurance and accidental death benefit shall take effect on the date of enrolment of the eligible accountholder subject to the terms and conditions stated in the Master Policy.
• How much is my benefit amount? The benefit amount shall be equal to the year-to-date (YTD) Average Daily Balance (ADB) for the past three months immediately preceding the death of the Insured subject to maximum amount of Php3,000,000 regardless of the number of AllAccess Checking Account existing at the time of his/her death. Any amount in excess of this limit shall be without insurance coverage.The benefit amount of the account holder shall be as follows:
  

  Age	Group Life Insurance	Accidental Death Benefit	Family Assistance Benefit	Terminal Illness Benefit
  18 to 50 years old	3 x ADB*, max of 3M	1 x ADB*, max of 3M	up to P25,000	100% of life, max of 2M
  51 to 60 years old	1 x ADB*, max of 3M	1 x ADB*, max of 3M	up to P25,000	100% of life, max of 2M

  * YTD ADB for the past three months Computation of Insurance coverage: 1st month of coverage – Three times the account’s ADB for the 1st calendar month of coverage 2nd month of coverage – Three times the account’s ADB for the 1st calendar month of coverage 3rd month of coverage – Three times the account’s ADB for the past two calendar months of coverage 4th month of coverage – Three times the account’s ADB for the past three calendar months of coverage 5th month of coverage – Three times the account’s ADB for the past three calendar months of coverage

• Who can be my beneficiary? Benefits shall be paid to any one of the Insured’s surviving family members as beneficiaries in the following order: (1) Spouse, (2) Children, (3) Parent/s, (4) Sibling/s, (5) Insured’s estate.

If no beneficiary from (1) – (4) is qualified or survives at the time of death of the Insured, the proceeds of the Insurance will accrue to the estate of the Insured Individual and will be given to his legal heirs in accordance with law. Any minor’s share shall be paid to him in the manner provided for by law.

• May I designate a different beneficiary? Benefits for the AllAccess Free Group Life and Accidental Death Benefit are limited to the surviving family members in the following order: (1) Spouse, (2) Children, (3) Parent/s, (4) Sibling/s, and the (5) Insured’s estate.
• Who can file a claim? The Insured’s surviving family members, such as their Spouse, Children, Parent/s, or Sibling/s may file a claim. In the absence of these family members, any person of legal age and with insurable interest over the life of the Insured may file a claim.
• Is there a contestability period for the free insurance benefit? Yes, declarations made by the Insured are subjected to (1) one year contestability period.
• Are there exclusions on the free insurance benefit? Yes, the excluded circumstances on accidental death benefit where the death of the Insured results primarily or secondarily, wholly or partly, are any of the following:
  • Attempted suicide or an intentional self-inflicted act by the Insured
  • Alcohol or drug abuse
  • The willful participation on the Insured in illegal and/or unlawful acts and omissions, or
  • War or any act of war (declared or not), military insurrection and civil commotion amounting to a popular uprising.
• How will my beneficiary file a claim? The beneficiary/claimant should proceed to the branch of account and request for the appropriate insurance claim forms and a checklist of the required supporting documents. The claim form and supporting documents should be submitted to any Security Bank branch. The claim request will be accepted only if the necessary forms and supporting documents are complete. All claims are subject to verification and approval by FWD. Please refer to the list of claims documents below:
  • Claim Forms: Death Claim – Original Copy of Claimant’s Statement Form (to be completed by the Claimant) Death Claim – Original Copy of Attending Physician’s Statement Form (to be completed by the attending doctor)
  • Supporting Documents: Family Assistance Benefit
    • Original Copy of the Funeral Home invoice/receipt only
    • Original or certified true copy of the Death Certificate of Insured issued by the Local Civil Registrar or the Philippine Statistics Authority.
    • Original or certified true copy of the Birth Certificate of Insured issued by the Local Civil Registrar or the Philippine Statistics Authority.
    • Proof of relationship between the Insured and designated beneficiary: Original or certified true copy of the Birth Certificate of Child Beneficiary issued by the Local Civil Registrar or the Philippine Statistics Authority. Original or certified true copy of the Marriage Certificate of Insured and Wife Beneficiary issued by the Local Civil Registrar or the Philippine Statistics Authority.
    • Original or Certified true copy of Police Report if death is due to accident
    • Photocopy Copy of valid IDs of member and beneficiary bearing photo and signature
    • If the coverage of the Insured is still within the contestability period, complete original medical records.

    Additional requirements may be prescribed as necessary to process the claim.

• What will happen if the required document submitted by my beneficiary is incomplete? FWD Insurance shall coordinate with the beneficiary / claimant for any lacking claims requirement. How long is the processing of claims before the proceeds are released to my beneficiary? For contestable claims or accounts that have enrolled in the AllAccess Free Group Life and Accidental Death Benefit program only in the 12 months, processing is (30) thirty days. Otherwise, processing is only (7) days from submission of complete requirements.
• Where will my beneficiary verify status of the claim? Your beneficiary may send an email inquiry to [email protected], or call FWD Claims Connect at +632 888 8393 loc. 7154.
• How will the insurance proceeds be given to my beneficiary? The proceeds may be credited to the beneficiary’s Security Bank account or via Manager’s check that may be claimed at the SBC branch where the claim was filed.
• Is there a deadline for notifying SBC about a claim?Yes, the beneficiary / claimant must notify Security Bank and submit the required documents to FWD within ninety (90) days from the date of Insured’s death.
• When will my coverage terminate? Your free group life insurance and accidental death benefit coverage shall automatically be terminated on the earliest of the following dates:
  • The first day of the Insured Accountholder’s 61st birth month;
  • The date of termination of the Master Policy;
  • The date the Insured Individual’s AllAccess Checking Account is terminated or closed;
  • The date the Insured dies.