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The FACTS Peace of Mind Benefit pays the remaining unpaid balance of the FACTS Automatic Tuition Payment Agreement, up to a Maximum Benefit Amount of $30,000 and subject to the conditions listed below:
- The Maximum Amount applies to each FACTS Automatic Tuition Payment Agreement and is initiated upon death of the covered person. Covered person means the Responsible Party for the FACTS Automatic Tuition Payment Agreement or that person’s legal spouse. The covered person must be under age 70 at the time coverage begins.
- The amount of Benefit payable is limited to the outstanding balance owed to the Institution, as budgeted through FACTS, up to the Maximum Benefit Amount. Payments in arrears, if any, are not covered. The Benefit is payable directly to the Institution specified on the FACTS Automatic Tuition Payment Agreement.
- The coverage effective date is the date on which the fee for POM has been paid to FACTS.
Coverage ends on the due date of the last scheduled FACTS payment.
- Coverage does not apply when cancer or complications related to cancer cause death, and the covered person has received or been advised to receive medical advice, diagnosis, or treatment for cancer at the time coverage begins.
- Proof of death is required to obtain this Benefit. A certified copy of the death certificate must be given to the coverage provider or to FACTS.
- This is an insurance agreement governed by the laws of the State of Missouri.
Coverage provided by Individual Assurance Company Life, Health & Accident, Kansas City, MO.