What is a Monthly Assistance Benefit and how does it work?

By TymeBank - 16 October, 2020

This benefit pays a monthly amount (cover amount) for a period of 3 months following the death of the policyholder only.

The monthly amount payable is equal to the average deposits made over all of the policyholder’s TymeBank accounts over the 3 calendar months prior to the death of the

policyholder. The monthly benefit amount is subject to a minimum of 10% and a maximum of 20% of the Individual Funeral Benefit amount and will be reflected on the policy schedule.

In the event that the policyholder does not have any active TymeBank accounts and still continues with the policy, the benefit will pay 3 monthly amounts each equal to the minimum benefit amount applicable at the time of the policyholder’s death. This benefit is automatically added when the Individual Funeral Benefit is taken out at no additional premium.