Traditional Insurance Plans

Traditional Insurance Plans from Guardian Life

Guardian T5

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A 5 year renewable and convertible term plan, which renews every 5 years until the Life Assured attains age 70, at which time the plan expires. The premium charged will change every 5 years at renewal. 
Minimum coverage: 
$1,000,000
Issue ages: 
The policy may be issued to males and females between the ages of 20 to 65 years inclusive.
Rider coverage: 
The waiver of premium and DIPDAP benefits may be attached to this plan.
Death benefit: 

The death benefit at the end of each policy year is the Basic Sum Assured.

Surrender benefit: 
The plan has no surrender benefit.

Full Century

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A Whole Life Plan which provides an easy and convenient way of accumulating a fund for expenses at death.
Purpose: 
To provide a fund for estate planning needs, family protection and business insurance.
Maximum coverage: 
$3,500,000
Minimum coverage: 
$250,000
Issue ages: 
The policy may be issued to males and females between the ages of 1 and 75 years. Maximum basic sum assured that will be issued under normal procedure is $35,000,000 for issue ages 1 to 65 inclusive, and $15,000,000 for issue ages greater than 65.
Rider coverage: 
Accidental Death & Dismemberment, Disability/Parental Waiver of Premium, New Life Plus
Death benefit: 

The death benefit payable is the basic sum assured plus sum assured purchased by bonus in-force at the time of death, less the balance of any policy loan and outstanding premiums.

Surrender benefit: 
The entire policy may be surrendered for the surrender value of the bonus in-force plus the basic surrender value, less the balance of any policy loan and outstanding premiums.
Payment of premiums: 

A level premium is payable prior to the policy anniversary where the life assured is 100 years next birthday at which point the policy matures.

Expiration: 
The policy matures for the death benefit at the policy anniversary where the life assured is 100 age next birthday.
Additional details: 
Bonus
The policy will pay bonus annually, in arrears, in the form of paid-up additions.
 
The rate of bonus is not guaranteed.
 
Policy Loan
The policyholder may elect to take a policy loan against the surrender value of the policy.
The loan will accumulate at interest at a rate declared by the company. 
The rate may be increased or decreased by the company at its discretion.

15 Year Convertible Term

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A level premium payable term insurance plan.

Purpose: 
To provide a fund for family protection and business coverage at reasonable cost.
Maximum coverage: 
$35,000,000
Minimum coverage: 
$1,000,000
Issue ages: 
The policy may be issued to males and females between the ages of 18 and 50 years.
Death benefit: 

The death benefit payable is the sum assured less unpaid modal premiums and outstanding premiums.

Expiration: 
The policy matures without value at the end of the 15th policy year.
Additional details: 
Maximum sum assured that will be issued under normal procedure is $35,000,000.00.
 
Applications for amounts over $35,000,000.00 will require confirmation that reinsurance is available at acceptable cost.
 
Rider coverages
Accidental Death & Dismemberment 
Disability Waiver of Premium
 
Convertibility
The policy is convertible without evidence of insurability in the first 5 policy years.
There is no partial conversion.

Guardian Instant Coverage

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A non-medical whole life policy which takes care of last expenses.

Purpose: 
To provide a fund for final expenses.
Maximum coverage: 
$500,000
Minimum coverage: 
$100,000
Issue ages: 
The policy may be issued to males and females between the ages of 18 and 76 years. The policy provides for a maximum coverage of $500,000.00 (ages 18 – 64) and $250,000.00 (ages 65 – 76).
Death benefit: 

Instant coverage is provided on the payment of the first premium.The amount payable is the full sum assured on accidental death from day one.If the insured person dies from other causes (that is, other than accident) before the policy is 2 years old based on original issue date or, new commencement date if the policy has been redated, the benefits offered are as follows: Age of Policy Death Benefit

  • First 12 months  - Refund of all premiums
  • 13 – 18 months  - 50% of Sum Assured
  • 19 – 24 months  - 75% of Sum Assured
  • Over 24 months  - 100% of Sum Assured

Surrender benefit: 
The amount payable is the cash value less any premium in arrears at the end of the 20th policy year, or any year thereafter, but before the life insured’s 100th birthday. The cash surrender value will be one-half the basic sum assured.

Guardian Angel

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A non-medical 20 year premium paying plan. 

Maximum coverage: 
$1,250,000
Minimum coverage: 
$500,000
Issue ages: 
The policy may be issued to males and females between the ages of 18 and 64 years. Individuals aged 65 – 70 years can only be covered under the $500,000 option.
Ambulance benefit: 
The amount payable will be the current maximum per life, per accident (the current maximum is J$3,000.00) if as a result of an accident you are transported in an ambulance to a hospital and were confined and charged for at least one day.
Death benefit: 

The death benefit payable is graduated as follows: Age of Policy & Death Benefit Payable

  • Up to the 1st 12 months - A return of premiums paid
  • 13 – 24 months - 50% of the Basic Sum Assured
  • After 24 months - 100% of the Basic Sum Assured

Notwithstanding the above, if death is by accident, 100% of the then Basic Sum Assured is payable.

Payment of premiums: 

The Guardian Angel Plan will require premium payments for only 20 years.The coverage will remain for life. Should the policy be surrendered after 20 years, the value will be 50% of the coverage at that time.

Non-payment of premiums: 

A period of thirty days commencing on the premium due date is allowed for payment of any premium. If the premium is not paid within the period, the policy will lapse.

Additional details: 
Rider coverage:
Accidental Death Benefit.
 
OTHER BENEFITS PAYABLE
Money is payable on the occurrence of:-
 
Terminal Illness Benefit
50% of the basic sum assured upon approval by the company’s chief medical doctor. The remaining 50% of the basic sum assured at the time of death. Requirements: The plan has to be in force for a minimum of two years prior the diagnosis. The diagnosis should predict death within six (6) months.
 
Accidental Disablement Benefit 
The amount payable will be a percentage of the Accident Sum Assured, which is equal to the Basic Sum Assured at issue, if you became disabled, as a result of accident, before age 65 or the policy’s fifth anniversary, whichever is later.
 
Total and Permanent Disability Benefit
The amount payable will be 100% of the Accident Sum Assured if you became totally and permanently disabled as a result of an accident, provided there was no previous claim.
 
In-Hospital Accidental Benefit
The amount payable will be 10% of the Accident Sum Assured if you were hospitalized and charged, for at least seven days.
You will be entitled to two claims under this benefit over the life of your policy. However, there must be at least 12 months between the two claims and the injuries resulting in the claims must be unrelated.
 
Safe Ride, Drive and Fly Benefit
The amount payable will be an additional 25% of your Accident Benefit if you suffered permanent disability:
  • While wearing a seatbelt when traveling in a motor vehicle operating under the Road and Traffic Act.
  • While flying as a fare-paying passenger in an aircraft operated by any recognized airline.
  • While wearing an approved protective helmet when riding a motor cycle.

Maximum benefit payable

The maximum benefit payable for accident shall not exceed the accident sum assured.
 
Accidental Death Benefit
The accidental death benefit can be added as a rider to the Guardian Angel Policy. The maximum benefit available is 50% of the basic sum assured or $500,000.00, whichever is less.
 
Limited Payment 
This plan will require premium payments for only 20 years. However, the coverage will remain for life. If the life assured choose to surrender the plan after 20 years, the value will be 50% of the coverage at that time.
 

5 for life

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5 for LIFE is a 5 year convertible and renewable insurance solution term plan. It is designed primarily to provide high level affordable coverage for persons 18 - 75 years old.

Special Features 

Purpose: 
Purpose: This plan provides insurance protection for individuals, families and businesses at competitive rates. Target group: Age Group 18 to 45 years: Professionals, Entrepreneurs, CEOs, Managers, Heads of Families.
Minimum coverage: 
$4,000,000
Issue ages: 
The allowable issue ages are 18 to 70.
Death benefit: 

The death benefit is the sum of the basic sum assured plus the value of all un-used premium credits at the time of death.

Expiration: 
At the Final Expiry Date - age 75 - the value of all unused premium credits will be paid.
Additional details: 
Conversion Option
You may at any time convert this plan to any permanent plan which is offered by Guardian Life, provided that this plan is in force and all premiums have been paid in full. 
 
Renewability
On the expiry date of the policy, you may opt to renew for a further five year period, without evidence of health, provided the expiry date is before the policy anniversary upon which the Life Insured attains age 75.
 
Additional Benefits
You may add the following benefits (riders) to your plan, for a small premium:
 
Accidental Death and Dismemberment Benefit Rider.
Disability Waiver of Premium Rider

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- March 2012
Georgia Williams

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Georgia exemplifies the saying our hero, the late Marcus Mosiah Garvey :

"The height of great men reached and kept was not attained by sudden flight, but they while their companion slept was toiling upward through the night.”

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