Benefit Certificate Holder Frequently Asked Questions (FAQ)

Qualifications

Q.1. Who can avail of a Benefit Certificate?

Your Benefit Certificate

Q.2 Who are the parties to the benefit certificate?

Q.3 How can I keep my benefit certificate inforce?

Q.4 What happens if I do not pay my contributions within the grace period?

Q.5 What are the types of beneficiary designation?

Q.6 Who may be designated as beneficiary?

Q.7 How do my designated beneficiary or beneficiaries participate in my benefit certificate?

Q.8 What is a dividend?

Q.9 What are the types of dividend options?

Q.10 Can I use my dividend to pay insurance contribution or loan?

Q.11 What are non-forfeiture options?

Q.12 What are the types of non-forfeiture options?

Q.13 What is a cash value?

Q.14 What is a benefit certificate loan?

Q.15 How do I apply for a benefit certificate loan?

Q.16 How do I repay my loan?

Q.17 What happens if I do not pay my benefit certificate loan?

Q.18 What changes can I make on my benefit certificate? What are the requirements to effect change?

Q.19 How do I replace a lost benefit certificate?

BC Holder Services

Q.20 Who can give me an update on the status of my benefit certificate?

Q.21 How can I contact my Fraternal Counselor?

Q.22 How and where can I pay my insurance contributions?

Q.23 What are the different types of claims?

Keeping Your Benefit Certificate In-Force

Q.24 What are the benefits of maintaining my benefit certificate?

Q.25 There is a suggestion for me to replace my existing benefit certificate. Is this beneficial for me?

Q.26 How do I revive my benefit certificate if it has lapsed?

 

Qualifications

Q.1. Who can avail of a Benefit Certificate?

Only Knights of Columbus members and their immediate families can avail of a benefit certificate. Immediate families include parents, spouse and children.

A Knights of Columbus member who is interested to avail of a benefit certificate can approach the Fraternal Counselor of his Council who will be happy to discuss the ideal financial solution that suits his needs.

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Your benefit certificate

Q.2 Who are the parties to the benefit certificate?

  1. Payor/Owner – the person who owns the insurance contract and is entitled to the rights granted in the provisions of the Certificate.
  2. Benefit Certificate Holder – the person whose life is covered by the insurance contract.
  3. Beneficiary – the person designated as such in the insurance contract to receive the death benefit.

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Q.3 How can I keep my benefit certificate inforce?

To keep your benefit certificate inforce, you need to pay the insurance contributions as they fall due depending on the chose mode of payment.

Insurance contributions should be paid on or before their due dates. However, the Association grants a grace period of 30 days or of one month after the due date within which you may still pay the insurance contributions. The list of payment facilities are summarized under Q.22.

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Q.4 What happens if I do not pay my contributions within the grace period?

Your benefit certificate will cease to be inforce if you do not pay within the grace period, unless your benefit certificate has already earned enough dividends or cash values. If your benefit certificate has already earned enough cash values, the contribution default option will apply.

If you chose the Automatic Contribution Loan (ACL) default option, the accumulated dividend of your benefit certificate will be used to pay the contributions due. If dividends are not enough, cash values will be used to pay unpaid contributions and interest, to be reflected as Benefit Certificate Loan. Thus, it is possible that you may not have availed of a Benefit Certificate Loan but you will see a loan reflected in your contribution notice.

If you chose another option, the Association will apply that option. The other options are Reduced Paid up Insurance and Extended Term Insurance.

In case you failed to choose a contribution default option, the default is the Reduced Paid up Insurance.

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Q.5 What are the types of beneficiary designation?

Beneficiary designation is a very important part of the benefit certificate. The beneficiaries designated in the application form are the ones who will receive the death benefit. Make sure that all persons or entities whom you intend to receive the death benefit are properly designated as beneficiaries.

Please note the type of beneficiary designation you made in your application as beneficiaries may be classified in two ways:

  1. PRIMARY – a beneficiary who, if living at the time of the benefit certificate holder’s death, will have the first priority to receive the death benefit of the Certificate. You may designate one or more primary beneficiaries as long as they are not exempted/prohibited under the Insurance Code.
  1. CONTINGENT – a beneficiary designated to receive the death benefit if there are no primary beneficiaries living at the time of death of the benefit certificate holder.  You may designate one or more contingent beneficiaries as long as they are not exempted/prohibited under the Insurance Code.

According to Rights

  1. REVOCABLE – a beneficiary who, without the need of his or her consent may be changed by the Benefit Certificate Holder anytime during his lifetime. The consent of the revocable beneficiary is also not necessary for the Benefit Certificate Holder to exercise any of the rights granted to him under the Benefit Certificate.
  1. IRREVOCABLE – a beneficiary who may not be changed by the Benefit Certificate Holder without his or her written consent.  The consent is also necessary before the Benefit Certificate Holder may exercise any of the rights granted under the Benefit Certificate that would adversely affect the interest of the irrevocable beneficiary (e.g., BC Loan application, Cash Surrender, Change of Plan, Change of Face Value).

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Q.6 Who may be designated as beneficiary?

Anyone, by law, may be designated as beneficiary provided he has insurable interest in the Benefit Certificate Holder. Insurable interest is the relationship between the person applying for insurance and the person whose life is to be insured such that the applicant benefits as long as the Benefit Certificate Holder is alive and suffers a loss when the Benefit Certificate Holder dies.

Instances of insurable interest. A person has insurable interest in the life:

  1. Of Himself, of his spouse and of his children. A person has insurable interest on his own life rarely will you find a person insuring himself and takes his own life for the benefit of another. A wife has insurable interest on her husband, as she and her children are supported by him with regard to material and emotional needs. By reason of blood or consanguinity, parents have an insurable interest on their children because of their natural and inherent right and responsibility to provide for children’s material, physical and emotional needs.
  2. Of any person on whom one depends wholly or in part for support or education or in whom he has pecuniary interest. (e.g., a nephew is being sent to school by an uncle. The nephew has insurable interest on the life of his uncle.)
  3. Of any person under legal obligation to him for payment of money, property or services of which might delay or prevent the performance of the obligation. (e.g., If a friend owes another person P20,000 then it is said that the other person has an insurable interest in his friend’s life to that extent, for if the friend dies or cannot pay the P20,000, the other person would not be able to recover the amount due him.)

Of any person upon whose life any estate interest vested in him depends. (e.g., Bro. Cruz leaves a last will and testament to Bro. Andy and one third of the fruits or produce of the land while Bro. Andy leaves a will to Bro. Efren, then, Bro. Efren has insurable interest on the life of Bro. Andy such that Bro. Efren will be deprived of the fruits or produce should Bro. Andy dies).

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Q.7 How do my designated beneficiary or beneficiaries participate in my benefit certificate?

The primary beneficiary designated on the benefit certificate shall receive the   proceeds of insurance coverage in the event of death of the benefit certificate holder. In the event of death of the primary beneficiary, the contingent beneficiary, if any, receives the proceeds.

If the primary beneficiary is designated as irrevocable, he becomes part owner of the benefit certificate. This means his consent is required for all benefit certificate-related transactions and changes effected on the benefit certificate except for dividend provisions. Death claim proceeds on benefit certificate with an irrevocable beneficiary are tax-free.

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Q.8 What is a dividend?

Dividend is the participation of the Benefit Certificate Holders in what the Association earns from its operations. The amount of dividend for distribution is based on current earnings of the Association and is, therefore, not guaranteed. Granting of dividend is dependent on the Association’s performance for a given year.

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Q.9 What are the types of dividend options?

There are four types of dividend options, namely:

  • Option A - Paid in Cash

    Dividends are released in checks payable to the Benefit Certificate Holder or the Payor/Owner. Dividends are automatically applied to future insurance contributions, if:

    • The Benefit Certificate Holder is still minor at date of dividend check.
    • If the final net payable dividend is less than P200.
  • Option B - Used to Reduce Insurance Contribution

    Dividends are posted as insurance contribution so long as benefit certificates are neither fully paid-up nor waived due to disability. If insurance contributions have either been fully paid-up or waived, dividends are put under option C - Left to accumulate at interest.

  • Option C – Left to Accumulate at Interest

    Dividends are left with KC Fraternal to accumulate at interest which may be applied as insurance contribution in case of failure to pay the same on time. Interest rate depends on the investment earnings of the Association and is, therefore not guaranteed.

  • Option D - Dividend in-Trust

    Dividends are managed by a trust fund. Interests that are set-up are based on the performance of the trust fund where the dividends were handed over. Option “D” is no longer made available to existing and new BC Holders. BC Holders with this option are encouraged to change their dividend option to “C” since the latter can be used automatically to defray unpaid insurance contributions.  

  • Option E – Used to buy Additional Paid Up Insurance

    Dividends are used to purchase non-participating paid-up additional coverage. This, too, will no longer be available for new Benefit Certificate Holders.

  • Option L – Used to Reduce Outstanding Loan

    Dividends are applied to offset outstanding loans, if any. Dividends will be automatically applied as Dividend Option C – left to accumulate at interest if:

    • There is an excess of dividends after loan application.
    • The Benefit Certificate has no outstanding loan

You may change an existing dividend option to any dividend option available at the time request for change is received by the Association and the change can only be effected immediately following the date the request was made.

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Q.10 Can I use my dividend to pay insurance contribution or loan?

Yes. Any dividend accumulation (Option C and D) on the benefit certificate may be used to pay partially or in full the insurance contribution due or an existing benefit certificate loan. To request for partial or full application of your dividends as payment of an insurance contribution due or benefit certificate loan, please fill out two copies of a Dividend Application/Withdrawal which can be found under the downloadable forms of our website. Once completed, please submit the forms to:

            BC Relations Office (BRO)
            Knights of Columbus Fraternal Association of the Phils., Inc.
            Gen Luna cor Sta Potenciana Sts.
            Intramuros, Manila  
            P.O. Box 510, CPO, Manila

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Q.11 What are non-forfeiture options?

Non-forfeiture options are the options available to Benefit Certificate Holders with earned cash values.  These are the options given to the Benefit Certificate Holder if the time comes when he can no longer pay or does not intend to pay insurance contributions. The cash value will be diminished by any outstanding benefit certificate loans.

The cash value earned by the benefit certificate can be used to continue the life insurance coverage even if the insurance contribution remains unpaid beyond the grace period.

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Q.12 What are the types of non-forfeiture options?

1. Extended Term Insurance (ETI) - The net cash value is used as a single insurance contribution to continue the existing benefit certificate as term insurance, either for the same or lesser face amount, depending on advances made and coverage will only be for a certain number of years and days.
Some limitations during effectivity of ETI:

    • Availment of Benefit Certificate loan is not allowed
    • The benefit certificate will not earn dividends
    • All supplemental benefits are cancelled
    • Application for Cash Surrender Value is not allowed

2. Reduced Paid-up (RPU) - The net cash value is used as a single insurance contribution to purchase as much paid-up insurance as possible. The paid-up plan will be the same as the original benefit certificate's but the amount of coverage is smaller than the face amount of the original benefit certificate.
Some limitations during effectivity of RPU:

    • The face amount is reduced
    • Availment of Benefit Certificate Loan is not allowed
    • The benefit certificate will not earn dividends
    • All supplemental benefits are cancelled

3. Net Surrender Value  -  the Benefit Certificate Holder may surrender the Certificate for its Net Surrender Value which is the sum of the Net Cash Value and any remaining dividend accumulation less any outstanding loan. The Net Cash Value is the sum of the cash value of the Certificate (which is illustrated in the Schedule of Non-forfeiture Values – included in the Benefit Certificate).

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Q.13 What is a cash value?

Cash value is the savings element of your Benefit Certificate. It is the amount set aside from each contribution that you pay, after deducting all investment and administrative expenses required to maintain your Benefit Certificate.  Thus, the longer your benefit certificate is inforce, the more cash values will be generated.  To check the cash values that your certificate can generate, please refer to the “table of non-forfeiture values”. For example, if your certificate has been in force for 5-years, look in the cash value column for the amount equivalent to 5 years and multiply this amount by the number of thousands of your certificate’s sum assured.

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Q.14 What is a benefit certificate loan?

Once your Benefit Certificate has generated cash values, you may avail of a Benefit Certificate Loan in an amount not to exceed the total cash values.  The loan on the cash values will be charged interest, which is currently at 10% per annum.  This interest is deducted in advance upon application of the loan.  Any succeeding interest not paid when due on each benefit certificate anniversary date shall be treated as additional loan and shall be charged the same interest rate as the original benefit certificate loan.

Benefit Certificate loans which are outstanding at the time of granting of any of the following benefits shall be deducted from the total proceeds, or cash values and dividends:

    1. College savings plan (CSP) benefit
    2. Anticipated Endowment Benefit
    3. Maturity Benefit
    4. Death Benefit
    5. Cash Surrender Value
    6. Reduced Paid-Up Insurance
    7. Extended Term Insurance

Unpaid benefit certificate loan may result to termination of your benefit certificate in case the cash value is no longer enough to renew loan interest. This is in accordance with the benefit certificate provisions. In order to avoid any disruption in the benefits under the insurance coverage, it is best to pay the benefit certificate loan or at least 20% of it on or before the anniversary date of the benefit certificate.

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Q.15 How do I apply for a benefit certificate loan?

The following documents must be presented to the Home Office - BC Holders Relations Office, or at Service Office, when applying for a loan:

  1. The benefit certificate; and,
  2. A duly accomplished BC Loan Agreement form. The form is
    provided by the Association and can be obtained from the Home
    Office or any Service Office. The form can also be downloaded from our website.

    The Request for Loan form must be signed by the following:

  3. The Benefit Certificate Holder; or,
  4. The Applicant/Owner (if other than the benefit certificate holder); and,
  5. The irrevocable primary beneficiary/ries, if any. (If the irrevocable beneficiary is a minor, the form must be signed by the legal guardian.)
  6. Two photograph-bearing identification cards (benefit certificate holder and irrevocable beneficiary)
  7. If the Benefit Certificate is assigned, a written consent from the assignee is required to allow the processing of the loan.

    In the event that the Benefit Certificate Holder will not be able to personally appear in requesting and securing a Benefit Certificate loan, his representative should present a letter of authorization from the Benefit Certificate Holder in which the representative’s specimen signature must appear and a valid identification card containing his picture and signature. In case of request for encashment of check, a Special Power of Attorney should be submitted by the benefit certificate holder/applicant/owner specifying the specific authority of the bearer.

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Q.16 How do I repay my loan?

Benefit Certificate loan can be paid at any time and at any amount convenient to the Benefit Certificate Holder. The loan plus interest is indicated on the contribution and loan notice.

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Q.17 What happens if I do not pay my benefit certificate loan?

Unpaid benefit certificate loans, whether incurred from an unpaid insurance contributions or an actual cash loan, will bear an interest computed at a fixed rate per annum. If the interest is not paid, it is compounded so that it becomes part of the principal loan at the next benefit certificate anniversary. Non-payment of benefit certificate loans leads to the exhaustion of the cash value reserves which could in turn cause the benefit certificate to be cancelled.

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Q.18 What changes can I make on my benefit certificate? What are the requirements to effect change?

From the time your benefit certificate was issued up to the present, you may need to update or revise some information, such as change of address, beneficiaries or some other important information. 

The following are various changes and the corresponding requirements that have to be submitted should the need arise.  Some of these changes require approval of the Association.  We may require you to submit additional documents or requirements for certain transactions.

Amendment forms are available at our BC Relations Office at Home Office or at any Service Office. The forms can also be downloaded from our website: www.kofc.org.ph.

Several of these benefit certificate changes are:

1.  Change of Name on account of marriage/change in civil status

  • Duly accomplished amendment form
  • Copy of marriage contract
  • Court decision in case of annulment or separation

2.  Change of name on account of legal change of name

  • Duly accomplished amendment form
  • Court decision stating new name of benefit certificate holder.

3. Change of name on account of misspelled/erroneous name

  • Duly accomplished amendment form
  • Copy of birth certificate
  • Affidavit of two disinterested persons stating that the person referred to are one and the same person

4. Change of address or contact information

  • Write your correct address on the lower back page portion of the Contribution and Loan Notice or write to us a letter with your full name, benefit certificate number and correct address and send the form or letter to:

BC Relations Office (BRO)
Knights of Columbus Fraternal Association of the Phils., Inc.
Gen Luna cor Sta Potenciana Sts.
Intramuros, Manila
P.O. Box 510, CPO Manila

                    OR

  • Call our Customer Care Representative  at telephone no. 527-2223

                OR

  • Send an e-mail to bcservices@kofc.org.ph

5. Correction of date of birth and age

  • Duly accomplished amendment form indicating the correct date of birth.
  • Certified true copy of birth certificate.

If the change in birth date would mean a higher insurance age, you have two choices, either you get the same coverage for a higher insurance contribution or pay the same insurance contribution for a lower Face Value.

If the change in birth date would reflect a lower insurance age, your insurance contribution will be adjusted based on the correct age.

Any adjustment in the insurance contribution and/or amount of Face Value will be retroactive to the date of the issuance of the benefit certificate.  Hence, if the change in age would result to a higher insurance contribution, you would have to pay the difference in insurance contributions plus interest.

6. Change in beneficiary and/or beneficiary designation

  • Duly accomplished amendment form
  • Signatures of all irrevocable beneficiaries, if applicable
  • Copy of valid IDs of irrevocable beneficiaries.

7.Change in dividend option

  • Duly accomplished amendment form

8. Assignment of benefit certificate

  • Duly accomplished and notarized “Deed of Assignment” signed by the benefit certificate hodler and all irrevocable beneficiaries; if applicable.

9. Cancellation of Assignment of benefit certificate.

  • Certification from Assignee canceling the assignment or release of assignment letter.

10. Change to higher or lower Face Value

  • Duly accomplished amendment form indicating the desired benefit changes signed by the benefit certificate holder and all irrevocable beneficiaries; if applicable.
  • Compliance with Underwriting requirements (e.g. full medical examination).
  • Pay the balance of insurance contribution due (if any)

11. Additional riders

  • Duly accomplished application for rider form
  • Compliance with Underwriting requirements

12. Removal/reduction of Extra rating (occupational or medical rating)

  • Request for removal/reduction of extra rating
  • Medical rating – compliance with Underwriting requirements (e.g. full medical examination, etc.)
  • Occupational rating – proof that occupational risk no longer exists

13. Change of Plan

  • Duly accomplished amendment form signed by the benefit certificate holder and all irrevocable beneficiaries; if applicable.
  • Compliance with Underwriting requirements (e.g. full medical examination, etc.)
  • Pay the balance of insurance contribution due (if any).

14. Change in the Mode of Payment

  • Duly accomplished amendment form indicating the desired mode of payment.
  • Remit additional payment if needed (in case change is from more frequent to less frequent mode).

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Q.19 How do I replace a lost benefit certificate?

A holder of an in forced Benefit Certificate who lost his benefit certificate may request for a replacement subject to submission of the following documents :

  1. An affidavit of Loss of Benefit Certificate (2 copies) duly signed and acknowledge before a Notary Public; and,
  2. The benefit certificate Reissue Fee of P200.00

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BC Holder Services

Q.20 Who can give me an update on the status of my benefit certificate?

Your Fraternal Counselor can provide information on the status of your benefit certificate. If you need personalized assistance, further clarification regarding our various services, or certain requests or options you want to clarify, our Customer Care representative is always ready to assist you. Call us at (02) 527-2223 or text us at 0917-8255632. We will be happy to serve you.

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Q.21 How can I contact my Fraternal Counselor?

Fraternal Counselor may be contacted through Fraternal Benefits Group at  Tel. no. (02) 527-2223 loc. 261, 262 who will give you the phone numbers or addresses of your local Fraternal Counselor. 

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Q.22 How and where can I pay my insurance contributions?

Insurance contributions and loan payments can be remitted through the following:

  1. KCFAPI Home Office and Service Offices 
    1. Knights of Columbus Fraternal Assn. of the Phils. Inc.
      Gen. Luna cor Sta. Potenciana Sts.
      Intramuros, 1002 Manila
      Tel. No. 527-22-23 – 27 (Trunkline)
      Fax. No. 527-22-41 and 527-22-44
    1. Cabanatuan City Service Office
      578 Knights of Columbus Center
      Burgos Avenue, Cabanatuan City
      Tel. No. (044) 463-7402
      Fax No. (044) 463-1358
    1. Cebu City Service Office
      2nd Floor, VCFI Buiding
      36 Archbishop Reyes Avenue
      Cor Molave St., Lahug 6000 Cebu City
      Tel No. (032) 232-8560
      Telefax No. (032) 232-3045
    1. Iloilo City Service Office
      2nd Floor, Carolina Building
      106 M. Jalandoni St.
      Jaro, 5000 Iloilo City
      Tel. No. (033) 320-3421
      Fax No. (033) 329-7374
    1. Cagayan de Oro City Service Office
      2nd Floor, Knights of Columbus Building
      Capt. Vicente Roa Extension
      9000 Cagayan de Oro City
      Telefax. No. (088) 854-3274
    1. Davao City Service Office
      2nd Floor, KofC Building
      C.M. Recto Avenue
      8000 Davao City
      Tel No. (082) 221-0397
      Telefax No. (082) 222-4511
    1. Zamboanga City Service Office
      2nd Floor, Room 4 Park Pavilion Bldg.
      La Purisima St.
      7000 Zamboanga City
      Tel. No. (062) 991-7336
      Telefax No. (062) 991-8291
  1. Any Authorized Collecting banks and payment facilities, (please provide a copy of the billing statement when making payments through the following); 
    1. Banco de Oro (BDO)
    2. Philippine National Bank (PNB)
    3. Bank of the Philippine Islands (BPI, through internet banking)
    4. Allied Banking Corporation – Buug Branch
    5. Rural Bank of Brooke’s Point - Palawan
    6. All SM Bills Payment Counter. (please provide a copy of the billing statement, or old receipts for reference when making payments)
    7. Your Visa, Mastercard and JCB credit card.
    8. Your Fraternal Counselor (please request for a Temporary Receipt)

    Cash, check, postal money order, and manager's check payments are acceptable. Please make checks payable to Knights of Columbus Fraternal Association of the Phils., Inc. (KCFAPI). The benefit certificate number and the name of the benefit certificate holder/owner must be written legibly at the back of the check to facilitate recording.

    When paying through the bank, the deposit slip should contain the following information: account number, name of benefit certificate owner, and the amount to be paid.

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Q.23 What are the different types of claims?

The different types of claims are:

  • Maturity Claim
  • Death Claim
  • Accidental Death Benefit Claim
  • Hospital Daily Income Benefit (HDIB) Claim
  • Disability Benefit Claim

1. Maturity Claim

  • KCFAPI will send out a letter 60 days before the maturity date notifying the benefit certificate holder of the maturity proceeds that will be due him. Home Office will send directly to the benefit certificate holder the maturity settlement check. The usual requirement is the return of the original benefit certificate to KCFAPI and a photocopy of valid government issued identification card (ID) of the BC Holder. If lost, submit duly notarized affidavit of loss of benefit certificate.
  • The 20% Special Anticipated Endowment (SAE), Return of Contributions (ROC) checks (net of outstanding BC loan, if any) are mailed directly to the Benefit Certificate Holder/Payor via Registered Mail.

2.Death Benefit Claim

  • For prompt settlement of death benefit claims, submit immediately the death claim requirements to the Home Office-BC Relations Office or at any  Service Office nearest your location.

The document requirements for filing a death benefit claim are:

  1. The Claimant’s Statement Form. This form is available at the Home Office or any Service Office. The form can also be downloaded from the website. The primary beneficiaries must completely accomplish the form and affix their customary signatures.
  2. The Benefit Certificate. If lost, submit duly notarized affidavit of loss to be executed by the primary beneficiary.
  3. Certified True Copy of the Death Certificate issued by the local Civil Registrar of the place of Death. A photocopy of the original Death Certificate may be acceptable provided it is properly authenticated by the Civil Registrar and it bears his seal.
  4. For deceased KC member, a Certification of Membership of the deceased issued by the Financial Secretary and Grand Knight of the Knights of Columbus council of which he was a member.
  5. Affidavit of Guardianship. If the beneficiary is a minor and his interest in the death benefit proceeds does not exceed P500,000, this document should be accomplished by the legal guardian. If the value of the death benefit proceeds exceeds P500,000, an Affidavit of Guardianship, a Court Order, and a Guardianship Bond are required. The Affidavit of Guardianship should be notarized.
  6. Marriage contract.
  7. If the benefit certificate holder died of a violent death (e.g., murder, homicide, death by accidental means), the following documents are required:
    - Certified true copy of the final police investigation/autopsy report.
    - Certified true copies of sworn statements on file with the said authorities, or, if none, affidavits of two independent witnesses to the incident on the circumstances surrounding the benefit certificate holder’s death.
  8. Photocopy of valid government issued identification card (IDs) of primary beneficiary/ries.
  9. Such other documents as may be required by Home Office.

3. Accidental Death Benefit Claim

  • The documents and forms required are the same as those under #2, Death Benefit Claim.

4. Hospital Daily Income Benefit (HDIB) Claim

  • This benefit claim must be filed within forty-five (45) days after the date of hospitalization directly to the Home Office or through any Service Office where claim forms are available for the purpose.
  • To be eligible, the status of benefit certificate is in force and on its 4th or over BC year and the first modal contribution of the 4th year is paid. The attained age of the benefit certificate holder is not less than 5 years but not more than 74 years.
  • The documents required for filing Hospital Daily Income Benefit Claim are:
    • Claimant’s Statement Form
    • Attending Physician’s Certificate. This is a form for the attending physician to fill out to support the patient’s claim for hospital daily income benefit.
    • Photocopy of Official Statement of Account from the Hospital

If a representative will claim the maturity, anticipated endowment, ROC, death claim, Accidental death benefit and Hospital Daily Income benefit check on behalf of the benefit certificate holder/payor/beneficiary, an authorization letter from the benefit certificate holder/payor/beneficiary together with proper identification from both the benefit certificate holder/payor/beneficiary and the representative will be required.

  • Following are the list of valid identification cards:
    1. Passport
    2. Driver’s License
    3. Professional Regulation Commission (PRC) ID
    4. GSIS ID
    5. SSS ID
    6. Philhealth ID
    7. OFW E-card
    8. NBI Clearance
    9. PNP Clearance
    10. Postal ID
    11. Voter’s ID
    12. Senior Citizen ID
    13. Company ID
    14. School ID
    15. Knights of Columbus ID

5. Disability Benefit Claim

  • Like the Death benefit claim, waiver of contribution due to disability must be filed directly to the Home Office of through any Service Office where the necessary forms are available for the purpose. These forms consist of an Benefit Certificate Holder’s Statement, Attending Physician’s Statement, Medical Certificates, hospital charts, clinical records, x-ray plates, special examination reports and other medical records as may be required by KCFAPI.

    At every anniversary date of the approval of the benefit certificate, KCFAPI will require the Benefit Certificate Holder to submit medical certificate to determine continued total and permanent disability. In case of non-compliance of this requirement within 60 days, the waiver of contribution due will be terminated and the Benefit Certificate Holder will be required to resume payment of insurance contribution in order to continue his insurance coverage.

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Keeping Your Benefit Certificate In-Force

Q.24 What are the benefits of maintaining my benefit certificate?

Aside from providing financial protection, a whole life insurance benefit certificate can also be a form of savings and investment. Savings come in the form of the guaranteed cash value that a participating benefit certificate builds up as it remains in-force. Investment is in the form of benefit certificate dividends (rates are not guaranteed), which an owner of a participating benefit certificate may withdraw anytime or leave with the KCFAPI to accumulate. This means that the longer the benefit certificate is maintained, the more valuable it becomes.

You also have the privilege to obtain a loan under your benefit certificate up to a maximum amount equal to the guaranteed Cash Surrender Value less interest to the next benefit certificate anniversary date and any existing loan. This loan may be repaid on installment at your convenience.

For many other reasons, your current benefit certificate is one of your most valuable assets - the best gift you can give yourself and your loved ones.

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Q.25 There is a suggestion for me to replace my existing benefit certificate. Is this beneficial for me?

Replacement of Benefit Certificate usually occurs when you are encouraged to surrender an existing benefit certificate to be replaced by a new insurance benefit certificate from another company. Following are the reasons why you should not replace your existing benefit certificate:

  1. Your increased age results in higher insurance contribution. Your new insurance contribution will depend on your age when you get your new benefit certificate. Insurance contributions vary depending on the issue age.
  2. Your medical conditions may have changed. Should you want to replace your benefit certificate, your ability to obtain insurance plan coverage will depend on your current health status -- something that nobody can be sure about.
  3. You have to shoulder the additional costs of issuing a new benefit certificate. These can be administrative costs like medical fees, etc. thus making you pay even more
  4. You have to go through another 2-year contestability period. In simple term, this allows the insurance company to thoroughly investigate and even contest in court all the medical records and personal data supporting the insurance application for any fraud or willful omissions before payment of benefits can be made. If your benefit certificate with KCFAPI is more than two years, then this clause will no longer apply to you.

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Q.26 How do I revive my benefit certificate if it has lapsed?

A lapsed benefit certificate is one whose insurance benefits have temporarily ceased because insurance contribution has not been paid before or within the regular grace period for: (a) benefit certificates that have not acquired cash values; (b) benefit certificates that have acquired cash values but these were exhausted by loans.

Reinstatement of a lapse benefit certificate will be allowed within three (3) years from date of lapse subject to the following requirements:

  1. Completed Reinstatement Form signed by the BC Holder/Payor.
  2. Payment of all unpaid insurance contributions plus interest charges for late payment and existing loan.
  3. Medical examination by an accredited KCFAPI medical examiner.
  4. Payment of the current insurance contributions.

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If you have any questions not covered by these FAQs, please feel free to contact us either at our Home Office or through Service Offices nearest you. Or get in touch with your Fraternal Counselor or call us at (02) 527-22-23, e-mail bcservices@kofc.org.ph or text us at 0917-8255632. You may also mail your written queries to Knights of Columbus Fraternal Association of the Philippines, Inc., Gen. Luna cor Sta.Potenciana Sts., Intramuros, Manila. P.O. Box 510, CPO, Manila.

 

Father of Knights of Columbus in the Philippines

 

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