DEFINITION:
These are insurance policies where the insurer is contracted to; typically, make a lump sum cash payment if the policyholder is diagnosed with one of the critical illnesses named in the insurance policy. The contract terms contain specific rules that state which diagnosis of a critical illness will be considered valid.

DEFINITION:
Insurance policies that are designed for those individuals who do not have any appetite for risk and will not invest in market-linked insurance plans. Some of these plans are permanent, they offer coverage for all of live and build a cash value fund. Some are term policies, which offer coverage for a specified period. They may include an option to renew and / or convert to a permanent plan. Normally they do not build cash value. The primary purpose of traditional policies is to provide coverage.

DEFINITION:
These are Insurance policies with a coverage element and an investment element. The benefits payable under the investment element are not guaranteed. They are denominated in units and not in monetary terms and will fluctuate with the value of the assets supporting such benefits.

DEFINITION:
These are insurance policies that have two elements – a coverage element and a savings element. The interest credited to the savings element of these plans is guided by the rate being credited to savings account of Commercial Banks.

DEFINITION:
When we commenced operations in Jamaica, we acquired the portfolios of Mutual Life, Crown Life, Dyoll Life, Prime Life and Horizon Life. These set of products comprise traditional, critical illness; universal/equity linked and interest sensitive policies.