Written proof of continuing total disability is required to pay a monthly benefit, so claims forms may be required monthly.

The review process timeline will vary depending on the multiple claim processes noted below. The two main reasons a claim is delayed are due to incomplete forms and waiting for medical records to be received. Once all required documentation has been received, an authorized claim is paid within one to three business days.

1. Claim set up – all documentation must be completed and received from claimant and financial institution.
2. Claim review – individual policy and claim must be reviewed by Claims Examiner. Additional documentation and/or medical records may be needed. Medical record turnaround time depends on each facility.
3. Denied claims where coverage will be rescinded – Insurance Carrier* will review medical records.

*An insurance carrier is not the same as an insurance agent. It is the company to which your insurance payments are sent and the company that pays if you file a covered claim. The carrier may employ insurance agents, underwriters, customer service representatives, claims examiners, and more.

The certificate of insurance or loan addendum is issued by your lender at loan closing. As such, eligibility is reviewed once an initial claim has been received by SWBC.

A complete explanation is provided to the borrower(s) by your loan representative when coverage is elected. Details can also be found in your Certificate of Insurance (if Credit Insurance) or Loan Addendum (if Debt Cancellation Protection).

Please read your forms carefully for a full explanation of the terms and conditions, a complete description of your coverage, and any specific eligibility requirements, limitations, or exclusions.

If you have any questions, please call 1-800-527-0066.

This coverage is available to anyone who has selected the Life coverage on their loan. The benefit is activated if the protected borrower receives a physician’s diagnosis of a life expectancy of six (6) months or less.

If the protected borrower has been diagnosed with a terminal illness and provides proof of a terminal diagnosis of six months or less, this benefit will pay a benefit according to the provisions within your addendum and plan selection which will cover all or part* of the protected borrower’s loan balance as of the date the protected borrower was diagnosed with the terminal illness.

*Balance may exceed maximum loan balance allowed as stated in the debt cancellation amendment.

This coverage is available to anyone who has selected the Disability coverage on their loan. The coverage is activated by being hospitalized for at least two (2) days while under the care of a physician at a licensed medical facility.

The benefit includes up to three monthly payments, within a 12-month period, when the protected borrower has been hospitalized for at least two consecutive days.

The Hospitalization claim form and the hospital discharge summary showing the date the protected borrower was admitted and released from the hospital.

Your waiting period can be either 14 or 30 days depending on your lender’s specific program. The waiting period refers to the consecutive number of days you are unable to work before benefits start. You can complete and submit your claim after you’ve met the waiting period.