What are the advantages of voluntary benefits?
employees are provided with greater financial security and independence employees are able to choose benefit(s) that suit their specific circumstances
improves the package of financial solutions available through the workplace reduces the level of assistance given to staff who have a death or critical illness in the family no additional cost to the employer; payments facilitated via staff payr
What exactly are voluntary benefits?
Insurance products sold to employees at their workplace at preferential group rates and paid through salary deduction.
What is an accident?
An event which is sudden, unexpected and unusual which occurs at an identifiable time and place, but shall also include exposure resulting from a mishap to a conveyance in which the Insured Person is travelling
A person has an insurable interest in something when the loss or damage to it would cause that person to suffer a financial loss or certain other kinds of loss.
A basic requirement of all types of Insurance is that the person who buys a Policy must have an insurable interest in the subject of the Insurance. You have an Insurable Interest in any property you own or for which you are in control of.
Temporary Total/Temorary Partial Disability
Means the Insured Person is unable to engage in any occupation or employment for compensation or profit for which the Insured Person is reasonably qualified by education, training or experience and is under the continuous care and treatment of a Physician for a limited period of time.
Permanent Total/Permanent Partial Disability
Means Total/Partial disability which lasts twelve (12) months or more, and at the expiry of that period is beyond hope of improvement.
What is Life Insurance?
Life Insurance is a contract between an Insurance Company and the Policyholder. The Insurance Company pays a cash amount or death benefit to the beneficiaries named in the policy upon death of the insured named in the policy.
What is the purpose of Life Insurance?
The purposes of Life Insurance includes, providing financial security, funding business continuation and satisfying estate tax/duty requirements among others. The two main types of life Insurance are Term Life and Permanent Life.
Will my premium rates change every year?
No, your premium rates are guaranteed to remain the same during the entire term period.
Average Clause (Applicable to most insurances covering property)
The Average Clause considers the insured a co-insurer on risk that is insured for less than its true replacement value.
It means therefore that if there is underinsurance on an insured risk the Insurance Company will only pay a rateable proportion of any claim/loss presented to them and the difference will be borne by the insured as he/she was considered as a co-insurer of the difference in the value insured for and the true replacement value of the property.
Policy Excess/Deductible (Applicable to most Insurance policies)
An amount you have to pay if you make a claim on your insurance. The amount is usually stated as a percentage of the sum insured of the insured risk.
What are some of the common types of General Insurance?
The most common types in Jamaica are: Auto, Property and Liability. Health is also common as this kind of insurance is especially as the cost of healthcare is usually very high even with the free health care offered by our public hospitals and clinics.
What is General Insurance?
General Insurance covers all aspect of a person’s life and belongings, such as motor vehicle, property, jewelry, money, paintings etc.
What are the benefits of General Insurance?
The aim of any insurance policy is twofold: reimburse you financially for any loss, and to give you peace of mind in case. For instance, the cost of any medical treatment can be prohibitively high. If you have a health insurance policy, the company providing you with the policy has a high liability to reimburse you partially for the cost of the treatment. This can often be as much 80% of the entire cost – a hugh saving!
In some instances, insurance is mandatory. For example you cannot drive a motor vehicle in Jamaica without motor insurance.