Byles
Ashford W. Meikle, Staff Reporter
JAMAICA'S LARGEST insurance company, Life of Jamaica (LoJ), has a new insurance product, the Term for Life insurance policy.
The policy was officially launched at the High Flyers Club Appreciation Luncheon for the third quarter held on Friday at the Hilton Hotel.
According to the president and CEO of LoJ, Richard Byles, the policy was devised based on "market intelligence and demands from the insurance buying public."
As the name implies, it will provide term insurance coverage for persons up to age 100. LoJ's marketing manager, Karl Williams, said the product is ideal for persons who desire to have 'pure protection'. These persons, he noted, prefer to undertake their "investing through other means," rather than depending on an insurance company to develop an investment portfolio for them via an investment policy. The salient features of the Term for Life policy include:
Availability to persons age 35-70.
A minimum sum insured of $1 million.
Full face value payable upon reaching the age of 100.
A fixed premium.
Automatic inflation linking of the sum insured. From a minimum of five per cent to a maximum of 20 per cent.
Ad hoc increases or decreases in the sum insured may be effected at any policy anniversary.
The policy can also be converted to another plan that generates cash values if the insured so desires.
Mr. Byles emphasised that, "The plan is excellent for persons who have coverage to take care of other insurance needs including living benefits." He said the policy is ideal for persons who want insurance protection beyond the age of 75 and want to ensure that there is sufficient coverage to deal with responsibilities like transfer tax at death.
Some 62 agents qualified for the Third Quarter High Flyers Club (compared to 50 last quarter). The brainchild of LoJ executive, Mark Chisholm, the High Flyers Club recognises outstanding performance during the quarter.
To qualify for the club, agents must achieve a minimum sales target of $1 million in new annualised premiums. The agent must also demonstrate good customer service, have a large number of cases settled and conservation of business. Guest speaker at the function was the president of the Jamaica Manufacturers Association, Doreen Frankson.
