Aside from the guaranteed memorial service, a St. Peter Life Plan has value-added insurance benefits.
CREDIT LIFE INSURANCE COVERAGE
The unpaid balance of your plan will be considered fully paid if you die while paying for this plan and you have not reached the age of 65 upon death.
ACCIDENTAL DEATH AND DISMEMBERMENT
If you are in good health and you are between the insurable ages of 18 to 55 years (not beyond your 55th birthday) at the time of purchase of your plan, you or your beneficiaries shall be entitled to cash, based on a schedule, if you die or become dismembered due to an accident during the paying period and you have not reached the age of 60 upon death/accident.
WAIVER OF INSTALLMENT
You will be exempted from paying the balance of your plan if you suffer from an uninterrupted disability of at least six (6) months during the paying period and you have not reached the age of 60 at the start of your disability.
CASH ASSISTANCE BENEFIT
Your beneficiaries shall receive an amount equivalent to the Gross Contract Price if you die within 10 years from the date of effectivity of the plan and you have not reached the age of 65 upon death.
UNRENDERED SERVICE BENEFIT
Your beneficiary may receive cash value according to a schedule if the memorial service
is not performed or your heirs, successors or assigns may opt to retain the plan for the
memorial services only.
It is best to buy a plan while one is within 18 to 55 years of age to be entitled to the value-added insurance benefits in case of demise.