A year after the group life insurance plan for thousands of seniors was suspended, the Barbados Association of Retired Persons (BARP) is reporting that a replacement has been found.
On Friday, BARP President Marilyn Rice-Bowen announced that through a collaboration with Lynch Insurance Brokers and the Insurance Corporation of Barbados Ltd (ICBL), a new life benefit replaces the plan that was discontinued by Sagicor, Beacon and Trident insurance after BARP members rejected a proposal to increase premiums.
Officials have not disclosed the number of applicants needed to start the plan but said it would be implemented once the desired number of individuals sign up. The previous life plan was held by some 14 000 BARP members.
The new plan is open to all new and existing members of the previous plan, and the insurance benefit remains at $5 000 while the annual cost is now $214.20.
Rice-Bowen said while the annual cost was more than it was under the previous plan, BARP was successful in negotiating a plan that would allow members to pay their premiums in two instalments.
“We are confident that we have settled with the best possible cost structure to deliver a satisfactory solution for our members,” she said.
“So there is absolutely nothing stopping a member from taking advantage of this opportunity. I want to encourage all members to sign up for the life benefit and continue to enjoy what BARP has to offer.”
Rice-Bowen said the life benefit would provide peace of mind for members of the 28-year-old organisation and their families, and she urged members to complete their estate planning.
“Once you join the life benefit, this is a plan they can include in their estate planning. I can’t emphasise it enough – this life benefit offers to members a peace of mind. We recognised before that members were in a tizzy because sometimes people die and [their loved ones] don’t know where the first set [of money] will come from to complete their burial . . . . This life benefit will ensure that no BARP member will have to have a pauper funeral,” she said.
Director, Health & Benefits Business Unit with Lynch Insurance Brokers Rosemary Austin said the plan was open to BARP members up to age 70, including those who were part of the previous plan.
“There is a four-month window to take advantage of this opportunity. We would therefore encourage the members to act hastily on this, having communicated the details of the enrolment process to them, and we expect widespread interest in this replacement offer,” she said.
She said all new applicants will need to fill out an enrolment form with four questions online and will be contacted by a Lynch Insurance Broker representative. The policyholders will have a grace period of 31 days to make payments.
Austin explained that there was a two-year waiting period before the plan kicked in. However, she said should the policyholder die during that time, the premiums would be refunded to the beneficiary. (MM)
