SB FINANCE INC.:  Frequently Asked Questions (FAQs)

  1. What is Sun Life Grepa Financial’s (Sun Life Grepa) Credit Group Life (CGL) insurance?
    Creditor Group Life is a group term insurance issued to a creditor covering the lives of its borrowers in an amount based on the original or outstanding loan balance. In the event of death of the borrower before the loan is fully repaid, Sun Life Grepa pays the CGL coverage to the creditor/group policyholder. Any excess benefit shall be paid to the borrower’s designated beneficiaries.
  2. How can I benefit from CGL insurance?
    The insurance plan pays the borrower's outstanding loan balance in the event of death due to any causes. This protects the family borrowers and loved ones of the deceased or permanently disabled borrower from any financial obligations or burdens that can be transferred to the estate of the deceased borrower.
  3. How much is the insurance coverage?
    Credit Group Life (CGL) provides a coverage based on the principal loan amount of the borrower.
  4. Who is eligible to enroll in CGL Insurance?
    All SB Finance payroll account and non-payroll account borrowers who are in good health, are at least 18 years old but not more than 65 years, meet the minimum loan amount, and have complied with the declaration form shall be eligible to enroll in the plan. However, borrowers who are in military naval or air service or those who are engaged in hazardous activities like deep-sea diving, mountain climbing, and underground mining are not eligible to participate.
  5. How will I pay the premium for the Insurance?
    The insurance premium will be automatically deducted along with your loan proceeds.
  6. When will my insurance coverage start?
    After the loan proceeds have been disbursed, insurance coverage of the eligible borrower shall commence immediately.
  7. How will I know that I am already covered after enrolling for the insurance?
    Each covered borrower will receive the e-copy of Proof of Cover from Sun Life Grepa Financial Inc, SB Finance’s partner provider stating that the insurance coverage has already commenced.
  8. Can I buy multiple insurance policies?
    No. The insurance is designed for one SB Finance borrower per active loan only.
  9. Can I cancel the insurance? 
    We want you to fully enjoy the benefits of this plan. However, a covered borrower may still cancel the insurance plan provided that there are no claims made on the account within the policy period. Cancellation requests can be made through SB Finance Customer Service at (+632) 8887-9188.
  10. When does the CGL coverage end?
    The coverage shall terminate on the earliest of:

      1. the date the group insurance policy terminates;
      2. the date the loan is completely discharged by payment or by renewal or refinancing prior to the scheduled maturity dates;
      3. the date the borrower’s installment payments on the indebtedness becomes in default for more than [ three (3)] months;
      4. the date ownership of the loan is transferred or assigned to a creditor other than SB Finance;
      5. the end of the period for which premiums are paid to Sun Life Grepa for the borrower’s insurance on the indebtedness
      6. the date SB Finance advises Sun Life Grepa of the termination of the borrower’s insurance on the indebtedness; or
      7. the date the borrower attains the age of 66 years for CGL.
  1. What forms part of my health declaration?
    The health declaration attests that you are between eighteen (18) to sixty five (65) years old; physically and mentally healthy, have never had any congenital birth disease, heart disease, high blood pressure, lung or kidney ailment, tumor, mass or cancer or any other physical impairment; have not undergone operations or hospitalized, nor been treated for any illness in the past twelve (12) months.
  2. Are there any exclusions not covered by Credit Life Insurance?
    The CGL benefit shall not be paid in case the borrower’s death is due to suicide less than one year after the effective date or reinstatement date of his/her insurance. In such cases, Sun Life Grepa shall refund all the premiums paid by the borrower/borrower with respect to the insurance.
  3. How can I file a claim?
    For clients covered by SB Finance's provider, they can contact our Customer Contact Group (CCG) at (+632) 8887-9188. A representative will collect the necessary details for endorsement to the Insurance Management Unit (IMU). Once the IMU confirms that the borrower is on record, the claimant must complete all required documents using the provided forms and submit them to SB Finance's Head Office or provincial hubs. 

    Borrowers or their beneficiary(ies) may also opt to call Sun Life Grepa at the contact details below for guidance on the claims process and requirements:Sun Life Grepa Affinity Marketing Customer Service
    Attention: Allan Louise Valentin
    [email protected]
    Customer Service Hotline: +632-8-866-6360 to 61
    Call and Email Hours: 8:00 a.m.–5:00 p.m. Mondays-Fridays
  4. What are the basic claims requirements for CGL Insurance?The Standard requirements for CGL insurance are the following:
    1. Original Sun Life Grepa Financial Inc (SLGFI) Claimant’s Statement Death Benefit Form to be accomplished by the beneficiary who is 18 years old or above; if below 18, by the guardian
    2. Original PSA Copy or Original Certified True Copy of Death Certificate with seal and issued by the Local Civil Registrar
    3. Photocopy of Birth Certificate of insured

 

Any one of the substitute Documents in the absence of Birth Certificate (photocopy):

-Baptismal Certificate

-Government Issued IDs

-Marriage Contract

-Voter’s Registration Record

-Birth Certificate of Children

-Other public documents with date of birth of insured

 

  1. Photocopy Government issued IDs of insured
  1. Photocopy of Loan Ledger certified as correct by an authorized officer
  2. Supporting documents if with beneficiary share:

 

 

Relationship of Beneficiary to the Insured Borrower/Borrower Claim Requirement/s
Legal Spouse ·         Marriage Contract (Certified true copy is required for Sum Assured above Php 500,000)

 
Children/Siblings of legal age ·         Photocopy of Birth Certificate

 
Children/siblings below 18 years old:  The father must represent the minor; in his absence or incapacity, to the mother ·         Photocopy of Birth Certificate of minor beneficiary
Children/siblings below 18 (orphaned) ·         Certified True Copy of the Death Certificate of parents

·         Original Affidavit of Guardianship with Undertaking (Format to be provided by Sun Life Grepa Financial Inc.)

 
Children/siblings below 18 years old and insurance benefit is above Php 500,000 ·         Certified True Copy of Court approved guardianship bond (to provide upon approval of claim)

 

  1. How long is the turn-around time for the release of claims once all the claims’ documents are completed and submitted?
    The standard turn-around time is 14 working days. This may vary if claims occurring within 1 year from the date of enrollment are contestable and may take longer to process.
  2. What if I didn’t know that I had a pre-existing condition upon purchasing the insurance, then after a month I found out that I have cancer for a year without my knowledge and filed a claim? Can I expect any proceeds?

    Pre-existing health conditions not covered within one year for CGL. For sudden onset illnesses like Dengue, pancreatitis, covid (with no underlying health conditions) etc., and diagnosed after effective date are covered even if it falls within the contestability period.

 

  1. Who will be the beneficiary of any insurance claims made?

Proceeds from approved insurance claims shall first be used to pay off any unpaid balance on your loan with SB Finance.

Any proceeds in excess of said balance shall be given to your lawful beneficiary/ies following hierarchy of beneficiary(s).

Please see below for additional information and requirements based on the hierarchy of beneficiaries.

 

Status of Insured Requirement
1. If no record of marriage and single parent ·         Original CENOMAR of insured from PSA

·         Original and notarized Affidavit of Extra Judicial Settlement (EJS) to be executed by all the legal heirs (children) of insured together with their Birth Certificate, Claimant’s statement form and marriage contract, if married.  If minors, to be represented by their mother.   Please include in the EJS the phrase “We are the only compulsory legal heirs”.  This is in accordance with Rule 74 Sec 1, Rules of Court.
2. If Single (parents are living) ·         Original CENOMAR of insured from PSA

·         Original Claimant’s Statement form of parents.

·         If one is deceased, original certified true copy of their death certificate duly signed and authenticated by LCR with dry seal or docs stamp.

·         Or Original and notarized Affidavit of Waiver if one parent is willing to waive her/his rights.
3. If Single (parents are both deceased) ·         Original CENOMAR of insured from PSA

·         Original certified true copy of their death certificate duly signed and authenticated by LCR with dry seal or docs stamp.

·          Original and notarized Affidavit of Extra Judicial Settlement (EJS) to be executed by all the legal heirs (siblings) of insured together with their Birth Certificate, Claimant’s statement form and marriage contract, if married.  Please include in the EJS the phrase “We are the only compulsory legal heirs”.  This is in accordance with Rule 74 Sec 1, Rules of Court.

 

 

 

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