Monthly Assistance Benefit

By TymeBank - 16 October, 2020

This benefit pays a monthly amount (cover amount) for a period of 3 months following the death of the main insured only.
The amount payable is equal to the average deposits made over all of the main insured’s TymeBank accounts over the 3 calendar months prior to the death of the main insured person.
The monthly benefit amount is subject to a minimum of 10% and a maximum of 20% of the Individual Funeral benefit amount as stated in the policy schedule.
The main insured’s TymeBank account is defined as any account with TymeBank where the account holder is the main insured person. That is, where the ID number of the main insured person matches the ID number of the TymeBank accountholder.
In the event that the main insured person 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 main insured person’s death.
This benefit is automatically added when the Individual Funeral benefit is taken out at no additional premium.