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Have questions about LifeCare from Banco Popular of Puerto Rico?
We have answers!

  • What is LifeCare?
  • LifeCare is a life insurance designed for deposit accounts or credit card customers from Banco Popular of Puerto Rico where you can name your loved ones as beneficiaries, or you can also name the Bank as your beneficiary.

    In this case If the Bank is named as a Beneficiary, the benefit payment will be used to make payments towards any outstanding debt you have with Banco Popular of Puerto Rico:
    • Personal loans
    • Credit card
    • Line of credit/reserves
    The order in which debts are paid shall be based on the annual interest rate, starting with the debt with the highest annual interest rate to the lowest one.

    If any of these debts is already insured, the benefit shall be applied to any amount not covered by primary insurance.

    If at the date of death, you don’t have any debt with Banco Popular of Puerto Rico, or after paying off your debts with Banco Popular of Puerto Rico, there is a surplus, it will be redistributed to the other named beneficiaries.

    The bank doesn't have to be your beneficiary. You can name any family member or friend as your beneficiary.

    Learn more by reviewing the certificate of insurance.
  • Who is the underwriter for this insurance?
  • Caribbean American Life Assurance Company (CALAC) is the underwriter of this coverage. CALAC, their subsidiaries, and affiliates carry on business in Puerto Rico under the name of Assurant®.
  • How do I enroll?
  • Enrolling online is easy! Visit the Enrollment section of this website to review the product details. Then complete the online application.
  • I am enrolled in this program – is my spouse covered too?
  • This optional insurance coverage is limited to individual coverage.
  • How do I know if I am eligible to enroll for LifeCare?
  • To be eligible, you must be at least 18 years old, not be 75 year or more and live in Puerto Rico. Also, you must have a deposit account or credit card from Banco Popular of Puerto Rico.
  • Are there any health questions or a medical exam required to enroll?
  • There are no health questions or medical exams required to determine eligibility.
  • How much does this insurance cost?
  • Visit the Coverage Information section to learn more.
  • How do I pay for LifeCare?
  • Your fixed premium will be charged to your selected Banco Popular of Puerto Rico credit card or deposit account and appear on your monthly statement.
  • What if I miss a premium payment?
  • You have a grace period of 31 days after the due date for the payment of any premium. To receive insurance benefits, your premium payment must be up to date. After the 31-day grace period, your policy will be canceled, and you will not be able to receive benefits.
  • When does the coverage starts?
  • If you enroll in the program between the 1st and 10th of the month, the effective date is the 1st of the current month. If you sign up for the program between the 11th and the 30th or 31st of the month, the effective date will be the 1st day of the next month.
  • I enrolled in LifeCare online and was approved. What happens next?
  • A welcome package containing your Certificate of Insurance, the Product Summary page and other important documents will be mailed to the address we have on file for you.

    If you would like to receive your documents by email, please contact Assurant at [email protected] or 1-800-981-8888 Monday through Friday, 8:00 a.m. to 5:00 p.m.
  • Why was my application for LifeCare denied?
  • Your application may have been denied because you did not meet our eligibility requirements or because you already have coverage.
  • How do I update my personal information (address, beneficiaries, payment method, etc.)?
  • We offer you different options so you can request to update your information securely:
    • Sending an email to:

      • [email protected]


    • Sending a letter by mail to:

      • Assurant

      PO Box 195167

      San Juan, PR 00919


    • By calling:

      • 1-800-981-8888, Monday through Fridays 8:00 A.M. to 5:00 P.M.

  • If I am enrolled in LifeCare, when does this coverage end?
  • Your insurance coverage automatically ends at the earliest of the following dates:
    • The date on which the policy is terminated;
    • You do not pay the monthly premium;
    • The date on which you turn 80;
    • The date of your death;
    • The date on which Banco Popular of Puerto Rico closes your account, cancels your card, or withdraws your rights and privileges on your account; or
    • The date on which we receive your request to cancel your insurance coverage
  • LifeCare offers a life insurance coverage where you select the amount of the benefit upon enrollment. This amount will be paid to the named beneficiaries or your estate.

    You can name Banco Popular of Puerto Rico as your beneficiary. The benefit payment will be used to make payments towards any outstanding debt you have with Banco Popular of Puerto Rico:
    • Personal loans
    • Credit card
    • Line of credit/reserves
    The order in which debts are paid shall be based on the annual interest rate, starting with the debt with the highest annual interest rate to the lowest one.

    If any of these debts is already insured, the benefit shall be applied to any amount not covered by primary insurance.

    If at the date of death, you don’t have any debt with Banco Popular of Puerto Rico, or after paying off your debts with Banco Popular of Puerto Rico, there is a surplus, it will be redistributed to the other named beneficiaries.

    You have the option of choosing the bank as your sole beneficiary, choosing the bank and family or friends, or just family and friends. You are not required to name the bank as beneficiary if you do not wish to.


  • Do I have to name Banco Popular of Puerto Rico as my beneficiary?
  • Naming Banco Popular of Puerto Rico as your beneficiary is not required. It’s an option we offer to provide you with peace of mind that your debts will be paid and to eliminate that worry for your loved ones when you’re gone.

    If you are not interested in naming Banco Popular of Puerto Rico as your beneficiary, you have the right to name your beneficiary(ies) and make the benefit allocation.


  • Does LifeCare cover my debts with other financial institutions?
  • No. LifeCare is designed to pay off your personal loans, credit card, or line of credit debts with Banco Popular of Puerto Rico exclusively.


  • How is the premium calculated?
  • The premium is calculated based on $0.96 per $1,000 of the benefit amount.

    Please refer to Coverage Information section to know the monthly payment according to the benefit selected.


  • Can I enroll to LifeCare even when my debts are covered by other insurance?
  • Yes. If any of the debts is already insured, the benefit shall be applied to any amount not covered by primary insurance.

    If there is a surplus, it will be redistributed to the other named beneficiaries.


  • How do I file a claim?
  • We offer you different options for safely submitting your claim.

    By calling:
    1-800-981-8888, Monday through Friday 8:00 A.M. to 5:00 P.M.


    By visiting claimspr.assurant.com

     

    By sending a letter by mail to:

    Assurant

    PO Box 195167

    San Juan, PR 00919


    Your information will reach us safely regardless of the way you file the claim.


  • How can I check the status of a claim?
  • Please visit the claims portal to check the status of a claim.
  • If I have a question or concern about my claim or the insurance coverage, who should I contact?
  • You can check the status of a claim by visiting the claims portal. If you have any additional questions or concerns, please contact Assurant.
  • Can I cancel my coverage at any time?
  • Yes, LifeCare is an optional program and can be cancelled at any time. The Insurance Code requires that you notify us in writing your interest in canceling the policy. Please also include your full name, address, product you wish to cancel and certificate or policy number. You can send us the letter:

    By email:

    [email protected]; or


    By mail:

    Assurant

    PO Box 195167

    San Juan, PR 00919


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Don’t let your legacy be a burden. Peace of mind starts now.

LifeCare allows you to ensure the financial well-being of your loved ones

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Assurant
Banco Popular

LifeCare is underwritten by Caribbean American Life Assurance Company (CALAC), part of Assurant, Inc. Insurance products and services are offered by Popular Insurance LLC, a subsidiary of Popular Inc. and affiliate of Banco Popular de Puerto Rico. Popular Insurance is a General Agency and Authorized Representative duly authorized by the Insurance Commissioner’s Office to negotiate life, variable life, variable annuities, disability, property and casualty, title, and health services in Puerto Rico. Insurance products are not deposits, are not insured by the FDIC or other Federal Government Agencies, are not guaranteed by Banco Popular de Puerto Rico. Popular Inc. and Banco Popular de Puerto Rico cannot underwrite or issue insurance products. Assurant, Inc. and Popular Insurance LLC, Popular Inc. or Banco Popular de Puerto Rico are not affiliates.

Personal information obtained in this web page will not be used for purposes other than the sale of an insurance policy.

®Assurant is a registered trademark of Assurant, Inc.