Frequently asked questions

How does a policy lapse?

A policy lapses when a premium has not been credited on or before the due date and the grace period has expired.

Why did I get a refund?

Because of a telephone or written request made by you or your agent or due to excess monies which have accumulated on an existing and/or out of force policy.

How long would it take to obtain a refund?

Within seven (7) days of receipt of query.

Do you accept Debit or Credit Cards?

Yes we do at our Head Office and all agencies throughout Trinidad & Tobago.

What are your hours of business?

From 7:30 a.m. to 4:00 p.m. at our Head Office.

Can I make my premium payment at any agency?

Yes you can, at all agencies throughout Trinidad & Tobago

Do you accept post-dated cheques?

Yes we do at our Head Office and all agencies throughout Trinidad & Tobago

How are premiums allocated?

Based on policies listed on your deduction authorization form.

Do you accept foreign currency?

Yes we do at our Head Office and all agencies throughout Trinidad & Tobago.

What is the conversion rate?

This rate fluctuates, however is usually slightly below the going market rate.

What is Group Insurance?

An arrangement for insuring employees in an organisation under a single master insurance policy.

If I leave the company will I be able to continue my insurance coverage?

The Life benefit is convertible to a Whole Life Insurance Policy. You will pay the rate applicable to the volume of coverage and your age at the time of conversion. You will not be required to fill out any medical evidence if the conversion is done within 31 days of termination from the Group Plan.

How do I set about obtaining a quote for my company?

Submit to us information on your employees such as name, date of birth, sex, salary and number of dependents. If you already have Group Insurance with another carrier, we will need the current schedule of benefits, the current rates and the claims experience for the last three years.

How do I claim for a Medical service that I have received?

Complete the claim form. The doctor fills out the information at the back of the form, signs and stamps it. You need to complete the top portion of the front of the form, take it to your Plan Administrator with the original receipts. He/She will verify the information, complete the bottom portion and submit to us for reimbursement.

Who are my eligible dependents?

Spouse - Legally married or common-law; Children up to age 19 or up to age 23 if attending full-time University.

Who is eligible to be on a Group Plan?

If you are a regular, full-time, permanent Employee of the Policyholder.

When am I able to claim upon joining a Group Plan?

Eligibility is usually after a three month probationary period, if the employee is on a full-time basis.  This can vary however, at the discretion of the employer.  Reimbursement for Dental and Vision expenses would only be made after the insured has been enrolled in the Group Plan for a period of at least ninety (90) consecutive days.  

What is the minimum amount of people required for a Group Plan?

Eight employees.

Under the Group Plan do I have Medical coverage anywhere in the world?

Yes, if it is shown that the ailment was contracted in the country where it was treated.

How are policyholders’ premiums invested?

In government bonds and equities.

What is Personal Accident?

Accidents that may result in accidental injury, dismemberment or death.

Why is Personal Accident Insurance important to me and my family?

Personal Accident affords the insured the ability to replace lost income and address financial issues, which may arise from an accident and result in the inability to work. This gives credence therefore to the need to have Personal Accident Coverage as a form of security.

What should I look for when choosing a Personal Accident plan?

When choosing a Personal Accident plan, you must consider what would happen in the absence of a breadwinner/s. How would you provide for yourself and your family in the event that you are unable to work and bring in the necessary income?
When looking for a Personal Accident plan, it must be able to comfortably care for those needs in the event of an accident that could result in death or dismemberment. Consideration should also be given to surgical expenses and any other costs that may be incurred as a result of an accident. Always make sure that your Personal Accident plan caters adequately to meet the needs of you and your family.

What is a policy loan?

A Policy Loan is the amount of money which the company will lend to a Policy Owner.

How do I get a loan on my policy?

Simply complete the Request for Policy Loan form and submit with your Policy Contract and I.D. Should your beneficiary be Spouse or Children , consent must be given by them. N.B. children under the legal age (16) cannot give consent.

At what rate of interest do you give loans?

Currently our interest rate is 10% per annum.

What is cash value?

The savings element of a permanent life insurance policy.

How long do I have to wait before cash value is built on my policy?

Most policies start to build cash value from the third year of the policy.

How much does it cost to replace a lost/stolen policy contract?

The current Lost Policy Fee is $TT 165.99.

How does my policy accumulate dividends?

Once your policy is a participating policy, and it is paid up to the anniversary date, you will receive dividends when they are declared by the company.

What rate of interest will I get if I leave my dividends with the Company?

Currently the Company pays an interest rate of 4.5% on dividends.

What is an Automatic Premium loan?

Once your policy has Cash Surrender Value and your premium is outstanding for more than 60 days, the Company will automatically deduct the outstanding premium.

What is meant by Co-ordination of Benefits?

Co-ordination of Benefits (when covered by two or more plans)

Co-ordination of benefits simply means:

1. Claims for children and husband must first be settled by the husband’s insurer. The first insurer will then submit copies to the secondary (wife’s) insurer so that any other eligible expenses may be settled.
2. Claims for wife must be submitted to her insurer first, then to the secondary (husband’s) insurer for settlement.

Overseas treatment (for cases diagnosed locally)

• The services or treatment must not be available in Trinidad & Tobago
• Algico must approve treatment prior to insured’s departure
• Referrals are required from 2 specialists qualified and practicing in the relevant field of medicine
• Treatment must be administered within 72 hours of arrival

N.B. Because of Algico's connections with various organizations that facilitate and monitor our clients’ treatment overseas there are define advantages to utilizing certain associated institutions who provide service to Algico clients at considerable discounts. It is important to notify Algico of any intention to seek medical attention abroad, even if voluntary, so that proper advance arrangements can be made.

What to do in an overseas medical emergency?

If while traveling abroad a Medical Emergency occurs, a telephone call to the number on your ID card will activate the Algico network that will advise (what to do, where to go), arrange (admission and credit if necessary), monitor (treatment and charges) negotiate (discounts) and handle payment (where necessary) directly from your Insurance Company (Algico) to the Hospital.

How do I assign a benefit?

Benefits may ONLY be assigned based on prior arrangements with Hospital/Nursing Home, Surgeon and/or Laboratory in respect of In-Hospital, Surgical and/or Laboratory expenses/fees, under Medical plan.

Cost of glasses (lenses and frames) may be assigned through approved dispensing Opticians based on prior communication between the Optician and Algico Claims Department.