Guardian Life launched its second new product for the year, a plan called Five for Life. The product was launched at a special event and networking soirée, held at 35 ½ Lady Musgrave Road, on October 22, 2008.
A five-year renewable term plan, Five for Life is designed to provide high level coverage at very affordable premium for persons between the ages of 18-70 years. The product is available to individuals, families and key businesses persons and offers minimum coverage of $4M.
In commenting on the launch of the plan, President and CEO of Guardian Life, Earl Moore, said:
"Five for Life represents a return to the pure, simple purpose of life insurance, which is to indemnify against loss. The structure of this product makes it very affordable and it meets the needs of those who just want basic insurance coverage. We are happy to offer the market this option once again."
Five For Life includes an attractive option to continue or transfer the policy after every five years. In addition, persons can choose at any time to convert this plan to any permanent plan which is offered by Guardian Life.
In addition, 5 for Life attracts premium credits, which accrue to the policy upon the receipt of each premium. So after every 11 months, if premiums are fully paid up, one month's premium will be accrued to the insured. These credits can then be used to pay premiums that have been outstanding for a specified period. Or, at age 75, these credits will be reimbursed to the insured.
Another special feature is the opportunity to earn Magna Rewards.
Insured persons will be rewarded with Magna Rewards points upon receipt of each premium. Magna Rewards vouchers may be redeemed and the proceeds used to pay premiums on this plan. Magna points can also be used to make purchases with other Magna Partners.
Dexter Tulloch, Business Development Manager for Magna Rewards said this product strengthens Magna's lifestyle portfolio.
"Guardian is the first life insurance partner on the Magna Rewards portfolio in its five years of existence. We are very selective about our partners and Guardian being an industry leader is another point we celebrate. This helps us build our life style portfolio making sure that Magna is relevant to our card members in every area of their lives…there is no activity within normal day-to day living for which we don't have a partner with an offering for our card members. We've had auto insurance but didn't have life insurance."
In September, Guardian Life launched Guardian Care Plus, a non-medical plan which covers ten major illnesses.
Guardian Life Ltd is the preferred life insurance company in Jamaica which offers individual and group life insurance, medical insurance by way of its Medecus brand, retirement schemes, personal accident coverage and annuities. Life insurance plans are sold via its network of sales advisors who are connected to branches in Montego Bay, Kingston, Mandeville and Ocho Rios.
