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Imagine being 19 years old and on your first job and being able to afford insurance coverage of $1 million, paying as little as $1,000 per month. That's the new offering of Scotia Jamaica Life Insurance Company Limited's insurance product, Affirm, a universal life policy enhanced with a critical illness component. This flexible insurance product was launched on June 4, at the reopening of the Medical Association of Jamaica's (MAJ) renovated offices at 19A Windsor Avenue.
Because Affirm is equity based, policyholders have the option of investing in various asset classes based on their investment need. The plan allows holders flexibility in coverage with premiums they can afford. According to Lana Forbes, director, sales and service for Scotia Insurance, "Affirm is a flexible insurance policy that is tailored to the customer's pocket, age, gender, goals, and health status. It can suit anyone, whether the need is protection or investment ."
There is also the enhanced value created with the addition of the critical illness plan that pays a lump sum in the event of a diagnosis of the nine specified critical illnesses. Not only does the customer have insurance with an investment element, but in the event persons develop any critical illness, that element is there to provide coverage.
Hugh Reid, president of Scotia Insurance, who spoke at the launch, further endorsed the product thus: "We are in the business of developing financial products that provide Jamaicans with security. Affirm is associated with Scotia Insurance and ultimately, with Scotiabank Group, a brand that is trusted and safe, based on our reputation built over 125 years in Jamaica".
With this new addition, Scotia Insurance now offers nine products, including its most well-known product ScotiaMINT, an interest-sensitive universal life insurance policy and long-term savings plan that includes tax-advantaged benefits when invested for five years or more.