Sagicor Life Now Offering Critical Illness Plan For Children

July 19, 2020

Via Jamaica Observer

Sagicor Life Jamaica now has on the market a new critical illness insurance plan which offers coverage of up to $10 million to children between the ages of three months to 15 years.

The Child Protector Plan, offers critical illness coverage for up to 15 conditions, including severe asthma, rheumatic fever, blindness, cerebral palsy, muscular dystrophy, deafness, major burns, stroke and Type 1 diabetes. The plan also offers a hospitalisation benefit and a limited death benefit, and carries an investment component.

Mark Chisholm, executive vice-president, Sagicor Life Jamaica, Individual Life Division, said the new plan provides much-needed coverage to the underserved sector of the population, as children have had very limited options for critical illness insurance.

“Children are susceptible to some common critical conditions and have not been able receive the type of support that is often crucially needed. The Child Protector Plan gives that assurance to families that their children can have the necessary protection, while also being able to meet educational goals,” he said.

Chisholm highlighted the value of the investments component, that gives families the opportunity to accumulate wealth in the child's name which can support their overall development and help them achieve financial security in adulthood.

The minimum regular investment premium is currently $1,000 per month and is paid into the Sagicor Segregated Funds, which offers strong and competitive returns.

The hospitalisation benefit allows for a lump sum payout of five per cent of the sum insured, where the child is hospitalised for at least seven days for conditions not covered under the critical illness coverage.

Once the insured child attains the age of 21, the Child Protector Plan may be converted to another critical illness plan offered by Sagicor Life. Premiums are payable monthly and annually.

This plan is the latest in a series of products provided by the company for children, including School Companion, a health insurance plan launched last year for individuals up to age 21 who are enrolled in school; and School Mate, which offers personal accident coverage for injury at school. Sagicor Bank Jamaica also recently launched its Star Savers account, which encourages children up to age 18 years to save towards educational goals.