Published: Monday May 19, 2008
THE INSURANCE CORPORATION (ICB) of Barbados has a new line of Secure options which it will soon roll out to its full customer base.
Peter Lamb, senior manager Life Division, said Secure products were being offered as the insurance company sought to become a niche player in the market.
Also, since were the only areas left for ICB to expand in, officials decided to bring a range which would satisfy their customers' needs.
"We are not looking to go out and beat the bushes with the big boys. We are looking at our own client base and specific segments of the market.
He said ICB had built the family of Secure products with SecureLife, SecureHealth and SecureCare.
SecureLife is a guaranteed product requiring no medical and there are four questions about one's health related to heart problems, dementia, HIV and cancer and if the person has had any of these in the last five years the policy will not be issued.
"We will sell this product up to age 85 which is unheard of in the industry but it is like everything else, if you price it properly it will sell," said Lamb.
The senior manager said ICB's intention was to offer affordable premiums all around.
"We have taken traditional premiums and compressed them into a three, a five and a ten-year premium paying period. You can purchase anything between $5 000 to $40 000 in $5 000 increments.
"So we'll take somebody aged 62, and they want to buy $20 000 over 10 years, they pay for ten years and then they are done, so at 72 there will be no more payments, and it will be a $123 a month," he said.
Lamb further explained that the policy was graded over three years and the reason for grading it was because there was no medical; if the person dies after three years all premiums paid will be refunded.
The SecureHealth plan is an individual health policy with almost all the features of a group plan but not as restrictive in some regards.
Lamb said the SecureCare which was strictly a hospital indemnity policy at home or abroad, was still in the early stages of market research and analysis.
The plans were offered to staff and longstanding clients so far but should soon roll out to the general public.
Source: Nation Newspapers