GUIDE TO LIFE, HEALTH AND PROPERTY INSURANCE

In life, we all face threats, which can lead to financial loss. Insurance is the process of protecting against the economic impact of loss – where the insurance company pays you or your beneficiary in the event of a loss.

There are three principal forms of personal insurance that, together, can give you complete financial peace of mind for today and the future. 

1. Life Insurance provides protection against the loss of income resulting from the death of a wage earner. It can also be used to build savings for retirement. You should consider life insurance if you support a family or spouse, have a mortgage or plan to send your children to college. 

Click on this link to read more:  The Basics of Life Insurance - Knowing What Questions to Ask

2. Individual Health Insurance complements your public health coverage and your employee benefits to provide extra protection against critical illness or special needs should you become ill. If you’re concerned about supplementing your existing coverage, you should consider health insurance.

Click on this link to read more:  Health Insurance and Critical Illness Coverage

3. Property Insurance provides protection against loss or damage  to property including homes, automobiles or boats. Often, an owner is legally mandated to have adequate insurance, for example to get a mortgage or to license a car. Anyone who owns, leases or rents property of significant value should have property insurance.

Click on this link to read more:  Protecting Your Property

 

You Don’t Have To Be An Expert To Make The Right Choice

Most people are underinsured. Maybe this is a result of the complexity of insurance products. Many people would rather delay a decision than try to figure it all out. Your Sagicor Advisor is here to help you make wise insurance choices and to simplify the decision-making for you. 

Tip: Key considerations when purchasing insurance coverage are: 

  • What do you need the plan for?

  • How much does the plan cost?

  • What is covered by your plan?

  • What is NOT covered by your plan?

  • What can you afford?

  • Will your legitimate claims be paid – fairly and promptly?

  • How stable, reliable and efficient is your insurance company? 


How Your Sagicor Advisor Can Help

Your Sagicor Advisor can work with you to ensure your full insurance needs are being met. Here’s how: 

• First, your advisor will answer your questions about insurance and help build your understanding of the various types of insurance.

• Next, your advisor will do a detailed analysis of your household finances and a profile of the types of coverage that you should consider.

• Then your Advisor can help you navigate the insurance options and put together a package that matches your life stage and your budget.

Over time, your Advisor can work with you to review and modify your insurance coverage as you move through the stages of your life. Events such as getting married, starting a family, making major purchases or retirement should all prompt you to review your insurance needs. 

 

The Sagicor Process