Scotia Jamaica Life Insurance Company (SJLIC) has announced the introduction of a new insurance product -the ScotiaELEVATE Universal Life policy – that is designed to provide a viable option in addressing a worrying trend of under and uninsured Jamaicans.

The product is also targeted at persons seeking insurance for the first time or those looking for enhanced benefits versus their existing policies.

Debra Lopez-Spence, president of the Scotia Jamaica Life Insurance Company (SJLIC), in sharing details on the new offer, said: “ScotiaELEVATE was created to give customers the best of both worlds, higher coverage and customised investments, with speed and convenience. We believe that every Jamaican can thrive financially with proper financial planning that includes dedicated savings, solid investments and a good life insurance policy.” 

“We have created a product that is highly accessible with a quick questionnaire and same-day issuance, and one that offers higher coverage without any underwriting,” Lopez-Spence continued.

ScotiaELEVATE also allows for customised investments across three different investment funds – SJLIC Money Market Fund, the SJLIC Fixed Income Fund and the SJLIC Equity Fund based on the customer’s risk appetite and investment objectives. 

“Our new policy offers individuals the potential to have higher insurance protection with affordable premiums, while building their savings and investments through a professionally managed and diversified portfolio and without the hassle of medical underwriting, making it ideal for a broad range of persons. It also combines life insurance with an optional Accidental Death and Dismemberment Benefit, as well as customised investments, for one low premium,” Lopez-Spence added. 

This very relevant insurance solution for today’s market presents the opportunity for all Jamaicans aged zero to 70 years old to access higher insurance coverage, ranging between a minimum of J$3.5 million and a maximum of J$12 million and is positioned for both customers who have existing life insurances policies and those seeking coverage for the first time.  

“Operating under the rule of thumb that each person requires approximately 5-10 times their annual salary in life insurance coverage, studies show that the average Jamaican is underinsured. As the life insurance arm of the Scotiabank Group, our insurance solutions are designed ‘for every future’  and the long term  financial well-being of our customers,” Lopez-Spence concluded.