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First Heritage Co-operative Credit Union launches Life Charter

Published:Wednesday | March 9, 2016 | 12:00 AMKeisha Hill
Maria Morrison (left), chief operating officer at First Heritage Co-operative Credit Union, holds the interest of Giovanni Maddix (right), businessman, as she educates him about the prospects of investing with them.
From left: Maria Morrison, chief operating officer at First Heritage Co-operative Credit Union, addressed the group - Kemesha Gordon - mother-to-be; Anaya and Akelia Donaldson (seated) 10 and 16-year-old siblings, Novlette Brown - grocery shop owner and Giovanni Maddix - businessman on the benefits of the new FHC Life Charter.

First Heritage Co-operative Credit Union (FHC) is encouraging Jamaicans to practise consistent financial planning through the launch of the FHC Life Charter.

The charter is a conglomeration of more than 23 of the credit union's products and services presented in a convenient, helpful way to highlight the ideal offerings for members at particular stages of their lives - from the unborn to retirees.

"At FHC, we see that more Jamaicans are realising the benefit of financial planning and investment - putting a little away for a rainy day. But they come to us uncertain of what products are right for them, how much to save, how long to invest, and even how early to start. In our desire to make planning seamless for our members, our next step was to clearly match our full suite of products to the different stages of our members' lives - that's where the Life Charter comes in," said Basil Naar, CEO at FHC.

Divided into six phases that match the general financial goals to members' age, these include: Right Start, YOUTH, Stepping Stone Years, Progress Years, Horizon Years, Prime of Life.

Right Start is ideal for pregnant women - when family members can give gift certificates for the unborn child.

Young Ones United in Thrifty Habits (YOUTH) is ideal for savers up to 16 years old and can be started with a minimum of $200. The savings plan introduces a child to the concept of saving.

"Access to scholarships and grants are also available once you are a YOUTH. saver, which is added advantage," said Carlene Coley, marketing officer at FHC.

Reinforcing the need to begin planning for one of life's significant financial obligations, retirement, Stepping Stone is for persons up to 25 years old. It features, among other products, the Pension Gold, a retirement plan offered through FHC Investments Limited - a subsidiary of the credit union.

Progress Years - is geared towards persons up to 35 years old and seeks to meet financial goals such as mortgage, advanced education, entrepreneurship and personal acquisitions.

The other categories include Horizon Phase with emphasis on investments; Prime of Life for persons over 51 and Prosperity Plus - a long-term investment that offers tax-free benefits.

The Credit Union will promote the charter by going islandwide with the RJR Road Show.