EIGHTEEN credit unions have negotiated a deal with Guardian Life that will see their members provided with additional life, health and other insurance benefits in a new, customised package.

Self-employed credit union members who were previously unable to access group health insurance benefits will now have access via monthly premiums of the level usually linked to group offers.

The Jamaica Observer was also informed that members who have plans with other life companies can use the credit union offer as a means of boosting overall family coverage.

Guardian Life, one of six large companies dominating the insurance landscape in Jamaica, is seeking to grow market share by tapping the community savers who, at last report, numbered 1.048 million in membership at June 2021, up from 1.015 million at June 2020.

The offer comes in the Credit Union Gold Series with the tagline, ‘Covering you for life, health and personal accident’.

Specifically designed for credit union members, it offers access to health care along with life insurance and personal accident insurance coverage of $1,000,000 each.

Entry age to the plan is 18 to 70 years, and members have the option to add dependents (spouse and children).

The major medical plan provides $6,000,000 in coverage, including hospitalisation and surgeries, with $250,000 in life insurance coverage included. The plan also covers chemotherapy, radiology and renal dialysis. Other plans that offer payout for regular doctor’s visits range between $1500 to $1800.

Monthly payments for the major medical plan range from $2,328 (one member), $3,365 (one dependent) to $4,195 monthly (two or more dependents).

Participating credit unions are Educom Co-op Credit Union, Broadcast & Allied Co-op Credit Union, C&WJ Co-op Credit Union, COK Sodality Co-op Credit Union, First Heritage Co-op Credit Union, First Regional Co-op Credit Union, Gateway Co-op Credit Union, and Grace Co-op Credit Union.

The others are Insurance Employees Co-op Credit Union Jamaica, Broilers Co-op Credit Union, JPS & Partners Co-op Credit Union, Lascelles Employees & Partners Co-op Credit Union, Manchester Co-op Credit Union, NCB Employees Co-op Credit Union, Palisadoes Co-op Credit Union, PWD Co-op Credit Union and Trelawny Co-op Credit Union.

The insurance sector itself continues to grow but Jamaica is reportedly underinsured in both health and life, relative to total population. Sector growth was somewhat anaemic in 2021.

FSC data for June 30, 2021 sizes the life insurance sector at $335.4 billion, having increased 3.1 per cent over the $325.2 billion as at June 2020.

Guardian, through new marketing and product offerings, is focused on the credit union sector which, at last update in June 2021, reported an asset base of $143.63 billion.

Marcia Osborne, Group HRD and administration manager, Jamaica Co-operative Credit Union League, last year indicated that the unions, with a membership of 1.04 million out of the 1.26 million employed labour force, were not to be overlooked.

Members savings were $108.53 billion at June 30, 2021, up from $100.61 billion at June 2020.

For the new insurance offering, premiums are paid monthly, and credit union members will need to set up a standing order with their credit union to facilitate premium payment.

Eligible dependents can either be a spouse (married or unmarried), children, step-children, legally adopted children, or children for whom one has court-appointed guardianship. Coverage is extended to children up until age 27, not working or are unmarried.

A supplemental rider plan offers more coverage for additional payments.