Sabrina N. Gordon, Business Reporter

Karl Williams, LOJ assistant vice-president, corporate marketing.

Life of Jamaica (LOJ) has launched a new insurance product, the 'Protector Series', targeting a mass market of small and micro businesses as well as persons in lower-income groups.

"Life of Jamaica is entering a market that is currently underserved and does not recognise the need for such a service," said Karl Williams, LOJ assistant vice-president for corporate marketing.

According to social labour surveys the target market is about 60 per cent of the population, which have little or no insurance, said Williams.

objective to educatethe market

The objectives behind the launch of the products - Maximum Protector, Critical Illness and Life Protector - as explained by Williams, includes educating the market on the value of life insurance, "making them see that the same risk that is faced by the middle and upper segment of the market is the same faced by them."

The policy is open to subscription by 18 to 60 years olds with earnings under $600,000.

The Protector series was launched September 20, at 218 Marcus Garvey Drive in Kingston, where it will be chiefly available.

Under the three plans, persons can choose coverage in increments of $250,000, $500,000 and $1 million paying premiums as low as $42 to a high of $800, depending on age, sex and the amount of coverage chosen.

"It is insurance specially designed and priced to make a difference in the lives of a large segment of the population known as the base of the pyramid," said Williams. "Having the means is one thing, but the ability is another."

The life series allows beneficiaries to collect after the insured have passed on.

It allows the policyholder to add a dependent up to age 18, and it also provides coverage benefit of 25-100 per cent accidental loss of limb, depending on the specific loss.

"This series represents life in the midst of death," said Williams.

Critical Illness covers illnesses and medical conditions such as cancer, comas, heart attacks, major burns and paralysis.

The Maximum protector - the 'fully loaded' plan - includes both the critical illness and the life protector, with an added savings feature.

There is no limit on the savings component.

In addition to the main outlet at Marcus Garvey Drive, Protector will be sold from LOJ's branches, brokerages, and by sales agents.

No medical examination is required for coverage, the company said.

Williams noted that the approach would be one of building relationships in the way the product is marketed by developing a special distribution network.

special team to sell product

"We have developed a special team to communicate and sell the product to the market going into places that are not normally covered," he told Sunday Business.

LOJ already has 12 persons specially trained to push the policy.

"They will be speaking in a language that the market will understand and simplified terms," he said.

The three policies each have a life span of 20 years.

If the plans expire without a claim, the insured will receive a 50 per cent refund of premiums and policy fees paid.

According to Williams, the benefit to the target market is also doubled considering that they are without pension-plan coverage - citing the example of a 25-year-old male with $250,000 worth of coverage paying as low as $2,200 per year for an insurance policy; and a 40-year-old female with $500,000 worth of coverage, paying as little as $4,800 for a year.

Williams said the islandwide rollout of the product would continue into next month and beyond, starting with promotional shows on October 6, at the LOJ Shopping Centre in Spanish Town, and October 13, at the St. Williams Grant park in downtown Kingston.

sabrina.gordon@gleanerjm.com