GYRT (Group Yearly Renewable Term)
|Death Benefit Coverage
- OPTION 1 & 2:
- 18-69 years old. Exit age is on seventieth (70th) birthday of the insured members.
- OPTION 3 & 4:
- 18-60 years old, renewable up to Sixty Nine (69) years old provided that the member is continuously insured from the time he/she was enrolled under the plan. Exit age is on seventieth (70th) birthday of the insured member.
- For new enrollee – Six (6) months contestability period from the effective date of insurance coverage
- For upgraded coverage – If the upgraded coverage is more than the previous amount, the amount in the excess of the previous coverage shall be subject to six (6) months contestability period even if the insured is covered under the plan for more than one (1) year.
INCLUSION & LIMITATION
- Death due to suicide whether the insured member was sane or insane at the time of committing such act is not payable if it occurs within one year from the date the insurance coverage takes effect or the last reinstatement date, are not covered.