Frequently Asked Questions

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The amount listed within the policy contract labeled under Sum Assured is the value of my coverage.


 
Cash Surrender Value is the value of the client accumulation less all indebtedness to the company.
With the exception of Registered Annuity products, a policy may be held as collateral by a financial institution, depending on the cash surrender value.
Some of our products have a LOAN feature.  A customer could apply for loans providing their policy has this specific feature. 
Withdrawals are accepted on policies with an Investor Coverage and where unscheduled deposits were applied towards the lumpsum feature of the policy.  There is no charge to withdraw from your lumpsum coverage. This transaction is known as a Partial Surrender.
A beneficiary can be added to a policy anytime during the lifespan of the policy.
1.  Consent must be given by ALL named irrevocable beneficiaries.  If all stated are over the age of 18 a change of beneficiary form will be completed by the OWNER with the beneficiaries designated as ESTATE.  All current named beneficairies must sign this form under MPA beneficiary signatures. ID's of all persons will be required. 
2.  A second Beneficairy Change form will be completed and signed by the Policy Owner listing the names of the updated beneficiaries.  These beneficiaries do not need to sign this form.  It should be noted that if an irrevocable beneficiary is under the age of 18 they will not be eligible to sign the forms and therefore we will not be able to proceed with the change.               
3.  For Registered Annuities, the Policy Owner will also be required to submit the Policy Contract & BIR number as these will be submitted to BIR for final approval.                                                               
 
Only Policyowners or their Agents can access information on the policy. 
Yes.  A change of mode form accompanied with a future method of payment, if applicable, can be completed and submitted through your agent or any of the client service centres within your area.  Premiums can be altered to quarterly, semi-annual or annual modes upon written request by the policyowner.  It should be noted that although a mode can be altered at any time, premiums ultimately line up with the policy anniversary or Issue date.  It is advisable to consult Customer Service or the Regional Service Centres for specific data related to mode changes off anniversary.  
To change the address on your policy, please visit your agent or a client service centre with the following documents:
1.  A completed 'Change of Address' form. 
2.  A recent utility bill/bank statement no older than 3 months.  If the utility bill is not in the policy owner's name, kindly sumbit a written consent from the owner of the bill inclusive of thier ID.   
3.  National ID/DP/Passport.  
To change the name on your policy, please visit your agent or a client service centre with the following documents:
1.  A letter from the policyowner requesting the change. 
2.  Supporting documents such as Marriage certificate, Deed Poll, Divorce Decree etc.   
3.  National ID/DP/Passport 
4.  If the policy is a Registered Annuity, also sumbit the contract & BIR # in order for BIR approval. 
For any information, please contact our Customer Service department at the following numbers:
Trinidad & Tobago: 868-877-LIFE (5433) from Monday to Friday between 7:30 am - 4:30 pm.
Barbados: 246-430-4637 from Monday to Friday between 8:15 am - 4:30 pm
For any enquires, please email us at guardianlife@myguardiangroup.com
On traditional life policies, the CSV takes the premium due date into consideration when calculating a surrender benefit. If a premium is paid in advance, a portion is refundable on surrender. If the policy is in arrears, the reverse is applicable and the relevant amount is debited against the current value.  The figure is pro-rated based on the period that is not yet due or not yet paid. 
A traditional Life policy has an automatic non-forfeiture option that allows you to alter the status to a Paid Up one. In this instance, our Actuaries can calculate a Reduced Sum Assured for your policy making it possible to forego premium and possibly loan payments.  The policy will still accumulate cash surrender value and - if it is participating - bonus distributions. 
In the first and second year of investor premium payments, allocations are made at 85% and 90% respectively.  An increase to the Investor is also affected in the same manner.  Taken into consideration with bid/offer charges associated with the Lifestar Fund and one can see the effect on the initial stages of a policy.  With long term investment, the effect is negated by the performance of the fund and over time sufficient gains to the benefit of the policyowner will be realized. 
TRADITIONAL 
Standard Sum Assured/Death Benefit e.g. Econolife, Full Century
Usually has set values based on age of policy
Death Benefit only
Lumpsum injections not available 
Policy loans attract interest
Non-forfeiture options include Automatic Premium Loans that attract interest and deplete values
Participating or Non-Par
Premiums payable for life 

EQUITY LINKED
Opportunity for flexible Sum Assured – Increasing Sum Assured/Death Benefit e.g.Lifestar/Newlife Enhanced (2000 series), Liberator
Values determined by Fund Performance 
Can be a combination of death/critical illness depending on plan
Opportunity for investment via unscheduled premium deposits
Interest free loans or withdrawals available
Flexible premium payments once there is a Client Accumulation and the policy is over 2 years old
Non-par. Part of a segregated fund
Earlier maturity ages with some flexibility to extend and choice of options at maturity
A registered annuity can be vested from age 50.  Therefore, any client over age fifty can consider the Early Vesting Option to determine if it is more feasible to surrender or to receive an annuity payment. Options include the full monthly pension or a reduced monthly pension with a cash lumpsum equivalent to tweny-five percent of the client accumulation.
Based on amendments made to legislation (Married Persons’ Act 1976 and Insurance Act 1980) it is allowed as the beneficiary designation reverts to the estate of the policyowner if the beneficiary pre-deceases the policyowner. On some older policies however, it would revert to the estate of the beneficiary and a change would require specific legal documents (viz. Probated Will or Letter of Administration).
Amendments to the MPA beneficiary is allowed providing the beneficiary is of legal age (18 years) and gives his/her consent.  If minor beneficiaries exist on the policy, changes cannot be accommodated unless they attain the age of majority and are able to give authorization to do so.  Consideration should be given to the implications of making changes towards MPA beneficiaries before contemplating the above.  
In the case of government agencies, payrolls are usually prepared in advance so that adjustments to deductions are somewhat difficult to initiate. For a salary deduction to commence at the end of a specific month, it must be submitted six weeks prior to the end of the month of commencement. As a result, most policies, if not appropriately followed-up after issue, fall in arrears at this point. It is advisable to pay premiums over-the-counter until a deduction starts
At surrender, 25% of the cash value/client accumulation is payable as government tax. Your taxes should also be up to date in order for BIR to grant approval. BIR normally checks 6 years back to ensure that all returns have been filed. From experience, someone without a BIR File Number will have to apply to BIR for one in order to facilitate the de-registration process. Requirements include: Submitting the policy document and completing our Authorization for Surrender and Request for De-registration forms inclusive of your BIR File Number.
A policyowner would be allowed to surrender a policy with minor beneficiaries based on our current interpretation of the legislation. 
By completing our Discharge Form C in the presence of a Commissioner of Affidavits/Justice of the Peace along with a surrender request, the transaction can be processed. In the instance of an Annuity policy, a payment for a duplicate contract must be remitted to proceed with a surrender request (i.e. advertising and rewriting, forwarding to BIR to record original approval).
Loans: 
• Original Policy Contract 
• Completed Loan Agreement Forms 
• Form B for 1st Loans 
• Policyowner and MPA beneficiaries’ (if applicable) signatures on forms
• Assignee approval, if assigned
• Stamp Duty is payable 

Withdrawals:
• Withdrawal request form signed by policyonwer 
• MPA beneficiaries’ signatures (if applicable)
• Assignee approval, if assigned 

Surrenders:
• Original Policy Contract
• Completed Authorization for Surrender Form 
• MPA beneficiaries’ signatures (if any)
• Assignee approval, if assigned
Praesidia our personal accident insurance product gives prime protection in the event of a serious incident – accident or illness – which may result in loss of income temporarily or for a longer period of time. A personal accident product that provides the ample support needed so that you can  “live your best life” – and, should anything happen, help you to recover quickly and comfortably.

Accidental Death and Dismemberment (ADD) is mandatory.

  • Sum assured not exceeding five times your annual salary.

  • Lump sum paid out on an accidental death (100% of sum assured).

  • Lump sum payment on dismemberment.

  • Lump sum payment of twice the sum assured if accidental death occurs in a licensed vehicle for public hire (excluding public aircraft).

This policy does not cover any claim arising out of:

  • Any pre-existing disability / accidental injury.

  • Pregnancy or childbirth.

  • Self-inflicted injury, suicide or attempted suicide.

  • Accidents that occur while under the influence of alcohol or drugs.

  • War and nuclear risks, terrorism and criminal acts.

  • No claims are entertained during the first 6 months or180 days
  • During the second 6 months, the benefits payable are 50% of the sum asssured amount.