New home insurance that is 25% below the market price has been launched for seniors, by the Argus group. The company told that at the time when senior population of Bermuda was rapidly growing, the company was launching this product. In the year 2010, 700 residents retired, as told by Social Insurance Department. In the year 2009, only 276 had retired. People are living longer, the birth rates are falling and the generation of baby boomer is preparing to retire. This trend will definitely continue.
The new product, named as Home Essentials, was specifically designed for the seniors of Bermuda, as told by the Argus Group. This product was endorsed by the Age Concern. All those, who are at an age of 65 or more, can avail the product at an affordable price because some unnecessary benefits have been removed.
The new product of Argus Group provides coverage for wide range of flood, fire, burglary, escape of water and hurricane. The executive vice president of the company explained that most of their seniors survive on a fixed income. This happens after their retirement and then that becomes a difficult time for them.
He further told that the product, Home Essentials, has been designed in a way that it provides retirees the coverage for responding to the causes of loss. The cost of premiums has been kept affordable. Being a part of Argus, it is their responsibility to take care of their seniors.
The Age Concern has endorsed the product of Argus. Argus then became the certified LINK partner. This is because LINK is the program of Age Concern and allows the seniors to meet their needs by connecting to services.
The director of the Age Concern spoke about the expensive standard premiums. He expressed that seniors should have insurance as this cut-price home insurance will help them to meet their needs in future.