Effective Date: 8/15/2024
Overview
Custodia Financial provides our clients with reliable Retirement Loan Protection, plan-level blanket coverage of loan defaults due to layoffs, disability, or death. If you are not satisfied with our service or need to cancel your policy, we are here to help. This Refund Policy outlines the terms and conditions under which premium refunds are issued.
Eligibility for Refunds
- The policy must be unused, with no claims made.
- If you cancel your coverage before the end of the coverage term, you may be eligible for a prorated refund of the unused portion of the premium.
- Refunds will be prorated based on the number of full months remaining after the Policy Cancellation effective date.
- Any applicable administrative fees will be deducted from the refund amount.
Refund Process
Requesting a Refund
- To request a refund, please contact your Client Relationship Manager.
- Provide details of your policy, the reason for the cancellation, and any supporting documentation.
- Refunds will be issued as requested to plans that have provided Cancellation notice per the terms of the RLP Policy (Section VIII.2): The Policyholder has the right to cancel this Policy at any time by sending Custodia Financial written notice of its intent to cancel the Policy sixty (60) days in advance of the date cancellation is to be effective.
Refund Approval
- Once your request is received, we will review it and notify you of the approval or whether additional information is needed for your refund.
- Once your cancellation and refund request is submitted and approved, we will process the refund within 30 days.
- The refund will be provided by ACH or Check.
Exceptions
- No refund will be issued if a claim has been made against the policy during the coverage period.
- Policies that have lapsed or have been terminated for non-payment are not eligible for refunds.
Changes to Policy
- If you need to make changes to your policy, please contact us as soon as possible. Changes may affect eligibility for a refund.
Contact Us
If you have any questions about our Refund Policy, please contact us:
- By email: info at custodiafinancial.com
