Sagicor Life Inc has announced the launch of a new insurance product with up to $60,000 in coverage for end-of-life expenses and no requirement to undertake medical tests to qualify.

The Peace Assured III insurance solution, is said by company officials to be the most comprehensive on the market. It takes into account, not only the cost of burial, but also minor debt and medical expenses that may remain after an individual’s death.

Executive Vice President and General Manager for Barbados Operations, Edward Clarke noted that developing products which consider the realities facing Barbadians impacted by rising funeral costs, lower disposable income, and the increasing cost of living, is important to the company. Mr. Clarke said “Peace Assured III replaces its predecessor Peace Assured II, which capped coverage at $25,000. The over 100 per cent increase in coverage with this new iteration is accompanied by a guaranteed cash value component which can be used to attain a policy loan. Premiums starting as low as $1.75 per day and no medical tests are required. In addition, we have ensured that the application process is quick and painless”.

The insurance plan offers three options allowing flexibility in the number of years premiums are paid and the age at which a plan can be issued. Plan durations range from 10 years to lifetime (18 - 80 years).