No matter our background and status, there is one common ambition that inspires everyone. We’re all driven to create a better life for ourselves, for our families and to build a lasting legacy for future generations. Starting a business or advancing your education are more than personal milestones, they improve quality of life for your family. Buying a car represents more than transportation for everyday tasks, it drives those dear to you to new and exciting experiences. Purchasing a home not only offers shelter but also builds generational wealth and provides a space to create joyful memories to last a lifetime.
There is nothing more rewarding than achieving life goals to benefit your loved ones. And so, you plan and work to build a comfortable and happy life with them.
However, despite good intentions and the best-laid plans, there is one factor beyond anyone’s control – time. The reality is none of us controls whether we live to grand old age or pass away before our goals are fully achieved. For both situations, time presents a factor of uncertainty that can strain most financial plans. Insurance is one solution to offset this uncertainty. Insurance guarantees that your family benefits from a secure financial future for as long you live and long after you’ve departed.
For the Republic Group (RFHL), being the financial partner of choice through your life’s journey has always been our core mission. For over 185 years the Republic name has been stalwart of the Caribbean financial industry because of our customer-focused approach. We work tirelessly to understand your needs and support your aspirations. Through this experience, we at Republic have observed the disruptive effect of the unexpected in the lives of customers and felt compelled to create new products and services to keep you and your family stable no matter the circumstance.
It is for this reason the Republic Life Insurance Company Limited was established in 2021 – to deliver a suite of insurance products that are accessible, affordable and easy to understand. Most importantly, these products mitigate against the uncertainty of time to provide security for you and your family.
What Republic Life Offers
- Single Premium Immediate Annuities
We all hope for a retirement characterised by good health and longevity. However, a long retirement presents challenges of its own if the retiree is underprepared. To avoid economic difficulty or dependency on younger family members, Republic Life offers Single Premium Immediate Annuities (SPIAs) for clients between the ages of 50 and 70 whose accumulated savings plan has matured and is ready for pay-out. A SPIA converts the single lump sum pay-out into a steady stream of regular payments, usually monthly. Customers can select an annuity without guarantee or with a guarantee for a specified period. Both options will provide a reliable stream of income to the customer for as long as they live. However, the guarantee allows the additional benefit of monthly payments being transferred to a beneficiary in the event the customer dies before the end of the specified period.
2. Creditor Life Insurance
As difficult as it is to consider, death can occur unexpectedly in the prime of life. If this happens, loved ones not only have to contend with grief but may also have deal with unresolved debt and reduced income simultaneously. To avoid this unfortunate situation, Republic Life underwrites life insurance for a variety of creditor loans. These include:
- Personal Loans – where Republic Life offers life insurance on personal loans up to a maximum of $350,000 over 7 years;
- Personal Mortgages –Republic Life also provides life insurance for personal mortgages up to a maximum of $2,500,000 over 30 years; and
- Personal Credit Cards – through its BalanceCover protection, Republic Life will repay or reduce the outstanding balance on personal credit card(s) up to a maximum of $350,000 in case of death or disability.
Single Premium Immediate Annuities and Creditor Life Insurance are only the beginning of what Republic Life has to offer, with numerous other products set to be launched in the future.
How Republic Life Works for You
Beyond being protected by the Republic Group (RFHL), a brand renowned for its strength and stability, insurance products under Republic Life provide an array of additional benefits:
- Affordability: By avoiding the conventional approach of selling life insurance through contracted agents paid on a commission basis, Republic Life is able to charge minimal to zero up-front fees or no commissions on its products. This, in turn, increases affordability for customers.
- Accessibility: Typically, customers undergo a comprehensive medical review to qualify for insurance coverage and to determine the premium rates. However, with Republic Life, customers can be assured that they will be approved for life insurance without a medical review. In fact, other than coverage for mortgage insurance which requires customers to fill out a medical history form, qualification for most of Republic Life’s insurance products requires no medical information at all.
- Transparency: Often confused by insurance jargon? Republic Life works to eliminate this problem by making information about products, rates and policies as transparent and understandable as possible. Information can always be found online at www.republiclifett.com and knowledgeable customer service representatives are readily available during business hours to respond to any queries you may have.
- Peace of Mind: From qualifying for services to the processing of claims, Republic Life maintains the reputation of the Republic name for excellent customer service. This should give you peace of mind that whatever the circumstance, you and your family will always be treated with respect, dignity and care.
In the same way Republic has been your go-to financial partner in building the life of your dreams, trust us to protect all that you have worked for. Whether life is long or short, Republic Life is here to provide financial security for you and your loved ones. Let us help you to prepare for tomorrow, today.