The Individual Insurance Division caters to persons seeking to have Individual health, retirement, life insurance protection and investment, which can help to provide the peace of mind necessary during difficult times.
Having insurance, means transferring risks onto the shoulders of a company that is in a better financial picture than ourselves, thus giving us a peace of mind.
Individual Life Insurance Plans
Insurance exists because risk exists. Since any of us could fall victim to pre-mature death, living too long without the benefit of an adequate savings plan, experiencing severe disability or critical illnesses, having insurance can help to provide the peace of mind necessary during difficult times.
Individual Life Insurance plans cater to persons seeking to have individual insurance protection on a wide range of coverages for death and disability.
Individual Life Insurance Investment Plan
Being a responsible adult means making sure loved ones who depend on you are financially safeguarded if you unexpectedly leave them behind. The way you provide that protection is with life insurance. On the other hand, should you live to retirement and beyond, you will need that nest egg to ensure financial independence. Life insurance investments provide that opportunity. In addition, the equity values provide opportunities for investments along the way. So, whether you live, die or quit, life insurance provides for all three eventualities. Contact one of our well-trained advisors for a free no obligation insurance check-up.
Individual Retirement Account
An Individual Retirement Account (or IRA as it is commonly called) provides a self- employed or employed individual who is not a part of a formal group pension scheme, to place up to 20% of salary into a pension plan for the sole purpose of providing a pension at normal pension age. The scheme is managed by a locally registered life insurance company.
This is a policy that provides for health insurance for an individual and his or her dependents, which provide payments for medical necessities through a listed provider or by way of a pay and claim back basis. The policy is an annual renewable contract that is offered by one of the locally registered life and health insurance companies and is designed to provide excellent coverage.
Medical Critical Illness
Critical illnesses are striking more Jamaicans every single year. In fact, 1 in every 10 Jamaican men will develop prostate cancer. Heart attacks and other critical illnesses are on the rise too. The financial consequences of surviving a critical illness are something few people are prepared for, because while you are undergoing treatment or recovering for an extended period of time, you will still have to pay your Insurance premiums, rent or mortgage, credit card bills, school tuition, real estate taxes, food and utilities. This specialized insurance provides a lump-sum, tax-free payment should a policyholder suffer from certain specific critical conditions.
Non-Medical Critical Illness
This type of Critical Illness plan provides for a lump sum payment on first diagnosis of at least 9 critical illnesses.
Non-Medical Family Critical Illness
This plan is designed to provide coverage on first diagnosis of a critical illness in each member of a family.
Individual Instant Coverage Plan
This plan provides for graduated insurance protection over two (2) years in instances where an individual is unable to provide satisfactory medical evidence for traditional life insurance coverage.
How to make a Claim
Documents required when submitting a Death Claim
- Policy Contract
- Indemnity for lost policy (to be presented of policy contract is lost)
- Claimant Statement (Death Claim)
- Claim Discharge Form (to be signed by the beneficiary(ies)/trustee(s)/Executor(s) and signature(s) witness as instructed on the form)
- Certificate of Death showing cause of Death (must be stamped by Doctor/Hospital where death was pronounced)
- Proof of Age (Birth Certificate/Passport)
- Police Report (where death occurred in circumstances e.g Drowning, suicide, and in all cases where AD&D;/DI is applicable)
- Copy of Beneficiary’s/Trustee’s/Executor’s Identification (Passport/Driver’s License/Electoral)
Note: There may be other requirements depending on various circumstances.
Frequently Asked Questions (FAQ)
Q1. How soon after the company accepts my application will I get my policy contract?
Depending on the type of contract; three to twenty one working days.
Q2. Will I be given timely premium notice?
Yes, the company will advise you missed premiums. In addition, your agent will keep you advised
Q3. How quickly will the death benefit be paid?
Provided all the required documents have been submitted, depending on the type of policy, between two to fourteen working days
Q4. Who can I name as my beneficiary?
You have the right to name anyone.
Q5. How many beneficiaries can I have?
You may have as many beneficiaries as you desire, however, you should indicate the amount to be allocated to each person.
Q6. Can my policy be reinstated?
Yes, providing all the conditions have been met.
Q7. How long do I have to pay premiums?
For the duration of the term of the contract.
Q8. Can I reduce or increase my premiums?
Yes, depending on the type of policy contract.
Q9. Will I be allowed to increase my coverage?
Yes, depending on the type of policy contract.
Q10. Will the company pay in addition to other insurance plans I may have?
Yes, the company will pay in addition to any other insurance plans you may have which gives similar benefits.
Q11. What do I need to submit when making a claim?
You will need the relevant claim forms, proof of age and policy contract.