• Q: What is Group Credit Life Insurance (GCLI)?
  • A: It’s an specialized form of group insurance under which the lives of the borrowers and coborrowers are insured for an amount equivalent to the initial amount of loan and the excess over the total amount of coverage, if any, shall be paid to his designated beneficiary/ies.
  • Q: Who is the beneficiary/ies?
  • A: Depends on the relationship between the borrower and the co-borrower.

    Consanguinity co-borrower

    • When borrower died – co-borrower shall be the designated beneficiary.
    • When co-borrower died – the borrower shall be the beneficiary.

    Affinity co-borrower

    • When borrower died - next of kin of the borrower shall be the designated beneficiary.
    • When co-borrower died – the borrower shall be the beneficiary, since the principal insured is the borrower and he pays the loan and premium to RFC.
  • Q: What is the basis of the amount of insurance?
  • A: The initial loan amount or the Maximum Loan Value (MLV)
  • Q: Is the Medical Examination FREE?
  • A: Yes, It’s FREE of charge
  • Q: What if there is no nearby COCOLIFE accredited clinic in the area?
  • A: If no accredited clinic nearby, client can go to unaccredited clinic and COCOLIFE will reimburse the medical fee (with restriction on the medical fee)
  • Q: Are the borrower and co-borrower required to declare his/her health condition?
  • A: Yes, any misdeclaration or concealment of the borrower’s and co-borrower’s health condition is a ground for the denial of a claim.
  • Q: What if during medical exam the borrower or co-borrower found out to have illness?
  • A: the borrower or co-borrower will not be qualified to be cover under GCLI program.
  • Q: Is it covered if the cause of death is COVID-19?
  • A: Yes, It’s covered.
  • Q: What is the age limit for the GCLI
  • A: 18 to 74 Yers Old only
  • Q: How to pay for the premium?
  • A: Upfront in full or 50% upfront / 50% payable in 3 months thru RFC branches
  • Q: How to file a claim?
  • A: Immediately inform GIBCO and submit the necessary requirements

NOTE: All accomplished Group Life Insurance Application Form shall be completely filled-out with details and all corrections shall be countersigned by the applicant. Please avoid blank answers on the application forms. “NO” answers shall be filled-out with “N/A or Not Applicable” by the applicant. Any information communicated thru phone calls and any request to fill- out on the application in behalf of the borrower to Cocolife will not be honored. All must be properly filled- out by the borrower and the authorized signatory of Policyholder.