Life is a journey filled with unexpected twists, and in this world where uncertainties linger, safeguarding your future is paramount. As such, debunking misconceptions surrounding insurance is the first step toward fortifying what matters most—your life, health, motor, property, and business. 

Not sure where to start? Don’t worry, Nicola Leo-Rhynie - Sagicor Life’s Vice President for Insurance and Pension Revenue is here to shed some light on the top five facets of insurance that should be a cornerstone of every individual's financial plan - gift your future self, just in time for the Christmas season.

Life – Many people believe Life Insurance is for older people or that it is too expensive. The truth is uncomfortable, but death can happen to anyone at any time, and it is more expensive to not have life insurance. It is better to start preparing from early – Cost varies based on the options that are right for you and younger individuals usually benefit from lower premiums. For example, Sagicor Life’s Ultra Life Plan starts at $2,700 monthly and covers up to $8,000,000.

Health – “I am young, fit and healthy, why do I need health insurance and a critical illness plan?” This is something I hear being said by many young people and is one of the biggest misconceptions. It is great that you are fit but that does not protect you from being ill, hospital stays or accidental injury. Our Triple Protector Plus plan is a great option that includes protection from diagnoses such as Cancer, Heart Attack, Stroke and Coma, just to name a few and our Child Protector Plan is also available to children ages 3 months to 15 years. Additionally, our Executive Health insurance plan is ideal for individuals between the ages of 19 and 64 and it offers a wide range of benefits. Life is unpredictable so it is important to be covered if something unfortunate happens.

Motor – This goes without saying as motor vehicle insurance is something you are legally required to do. However, you must ensure you get the right package for you which includes benefits and discounts. It is also important that you browse for add-ons to add to you package that will give you peace of mind while driving. Advantage General Insurance Company Limited’s (AGIC) Personal Accident Policy is one such add on that you can add to your motor insurance package for as low as $500. It is better to add an extra layer of protection than to believe you will never need it.

Home – If you consider your home a prized-possession, then you need to protect it and your belongings within. Unexpected events such as fire, theft or natural disasters are threats to this huge financial asset. It is important to safeguard first while you focus on enjoying your home without worry. AGIC’s Home Advantage policy help’s you to customize a package that provides the best value for your home and its contents. Don’t let naysayers tell you that you are paying a premium towards nothing – we live a vulnerable region where natural disasters are prevalent, so protection is always best.

Business – Commercial insurance is just as important as all the others mentioned previously. If you own a business, why not insure it? Contrary to popular belief, commercial insurance is not a one size fits all solution. Your needs will differ based on the business you are running. For example, if you are a tech company, AGIC’s Computer All Risks policy would be your best bet. It is important to speak with an advisor to see what suits you best, which may also include more than one policy.

Bonus Advice – Have you ever thought about retirement? How will you earn when you can no longer work? Well, it is never too early or too late to start planning your retirement. Speak to a Sagicor Life advisor to see how you can benefit from an Approved Retirement Scheme or an Employer Sponsored Pension Plan.