There is no denying these are trying times.
None more so than for the island’s senior population, the majority of whom are on a fixed income after they retire, which makes responding to the challenges of the economic downturn even more difficult.
That is why, at the Coldwell Banker Home Show, the Argus Group is launching a home insurance product called Home Essentials.
This not only caters to the needs of retirees but is available at a cost of 25 per cent below the market price for a standard policy.
We have designed this product to offer protection to the homeowner against the more common causes of loss, based on our experience at Argus.
Home Essentials will provide peace of mind to policyholders, knowing they are covered in the event of a fire, flood, hurricane, burglary, or escape of water.
In order to make the premiums more affordable for those over-65, we have removed some of the benefits that could be considered superfluous to their requirements.
You don’t have to take our word for the suitability of this new product for seniors; Home Essentials has been endorsed by Age Concern.
The Argus Group became a LINK partner with Age Concern earlier this month to help further the organization’s mission of linking seniors to services that meet their needs.
The launch of the Home Essentials product is just one way we are trying to make life a little easier for our seniors.
There is no escaping the fact that Bermuda’s senior population is expanding — birth rates are falling, people are living longer and the ‘baby boomer’ generation is either already retired or about to.
The Department of Social Insurance announced in 2011 that about 700 residents retired last year, compared to just 276 during the year before.
Seniors are clearly a sizeable and important part of the social fabric of Bermuda and we need to take care of them.
Argus is making it easy for people to move over to this policy.
You must be 65 years or older to qualify. Whether your current policy is with Argus or not, we will do all the legwork to make sure you start reaping the financial benefits of Home Essentials as soon as possible.
If you are caring for an ageing parent, we can also talk to you about how best to start reducing their monthly expenses through Home Essentials.
Visit the Argus booth at the Coldwell Banker Home Show, where Home Essentials will be available for the first time and visitors will have the opportunity to talk to our insurance professionals about this new product.
We will also have something for everyone who stops by, so whatever your insurance requirements are, please come and see us at booths 23-25.
If you can’t make it to the show, our trained representatives are always ready to assist.
Contact our Customer Service Centre on 298-0888 or e-mail email@example.com.
John Doherty is executive vice president of Property and Casualty at the Argus Group. Mr Doherty is a Chartered Property and Casualty Underwriter and holds an Associate in Risk Management, an Associate in Reinsurance and several certificates and diplomas in general insurance.