Life and Health Insurance Policy In Jamaica - Things To Consider

by Anonymous

QUESTION: Life and Health Insurance

As you may be aware I am moving to Ja. I am looking at trying to find out about life and medical insurances for both myself and my wife.I am a very healthy 63 year old and my wife is 30.
Any guidance would be gratefully appreciated.Thanks

ANSWER: R.P.

Hi,

I’ll be glad to shed some light on your query. Let me commend you on your health status, not many can say they are over a certain years of age and still living health. So I am indeed happy to hear that you are both beyond the youthful years and doing well health wise.

Life and Health Insurance are two very important policies to have. Having these allows you to ease happily into retirement years without the fear of being a burden to family members. Knowing you will still have your independence to access basic need and medications. And also giving the gift of comfort to a family member(s) to take care of any expense you may leave behind. With more companies to choose from insurance is becoming more and more affordable to be accessed by everyone.

Take comfort in knowing that we have some outstanding agencies with the inclusion of major commercial and noncommercial banks here in Jamaica that offers more than just life and health insurance. Investment packages are also available for both long and short term.

Your options will be limited to age and whether or not you have children. The age range for health insurance is usually 18 to about 70 years (some company may go as far as 75years).

Each company is unique and will offer you options that can fit right within your needs.

It does help if you already know what you’re looking for and if you have a flexible budget. Good thing is, these insurance companies tend to be flexible with their offers.

I am aware of a few that gives a range in the number of years you can choose to pay premiums on life insurance and that would offer you some convenience should age be an issue.

Here are some basic questions to consider; these questions will vary depending on the policy (life or health) and whether you choose to do both under one cooperation or have split option:

o How much you can afford to spend on each policy?
o Do you have any preexisting conditions?
o How much you can afford to put aside for saving?
o Are you looking to do investments?
o Is the coverage only for burial purpose or do you have children you wish to leave some inheritance for should you pass on?

Additional questions will be asked when you go to speak with a representative from either company.

These companies are conveniently located island wide so feel free to go in and chat with them whenever you feel the need. Also, you can do a free search online for "List of Insurance Companies in Jamaica" and see the top ones.

Regards,

R. Phang.

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