JN Life Insurance has launched two new Life Insurance products geared to individual persons and families to assist them with their funeral expenses. The Family Indemnity plan offers clients a maximum coverage of $1.5 million and has Terminal and Critical Illness benefits.
The plans, marketed as “JN Life Comfort” and “JN Life Family Comfort,” are the most recent in a suite of products being offered by the company, to meet the insurance needs of persons in under-served areas of the market. The company also offers Critical Cllness plans, Group Life Insurance and Creditor Life Insurance.
“As a ‘Life Company,’ we remain dedicated to providing innovative and affordable products to our clients,” Oliver Tomlinson, General Manager, JN Life Insurance said, noting that, “The JN Life Comfort products will assist our clients with final expenses for themselves and/or their loved ones.”
Mr. Tomlinson noted that these two plans offer coverage from a minimum of $250,000, to a maximum of $2.5 million; and, the JN Life Family Comfort policy covers a maximum of six family members.
“JN Life Comfort covers clients from as young as 18 years old. Between the ages of 18 and 60, the coverage offered starts at $300,000 and goes up to a maximum of $2.5 million. Customers who are over 61 years , but no older than 65, can receive minimum $300,000 and a maximum of $1.25 million in coverage, while persons 66 years old up to the age of 76, can receive a minimum of $250,000 and a maximum of $750,000 in coverage,” he explained.
In addition, the product also offers terminal illness and cash surrender benefits.
“JN Life will pay 50% of the Death Benefit to the Life Insured, upon receipt of satisfactory proof of terminal illness, providing that the policy was in force for at least two years. The policy may be surrendered for 75% of the sum insured, on any date after the premium expiry date and premiums may also be waived for a period of up to two months, if the client is unemployed ,” he explained
Clients have the option of adding Accidental Death and Dismemberment, Total Permanent Disability and Disability of Waiver Premium Riders , as part of their coverage.
Mr. Tomlinson stated that “We want our clients to be comfortable knowing that, in the event of any unforeseen circumstances, the JN Life Comfort suite of products will cover them and their families. We believe that this is an area in which more Jamaicans can benefit from insurance coverage; and, therefore, we stand ready to meet their needs”