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.
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