More than a year since it acquired Algico, the USbased Pan American Life Insurance Group (PALIG) plans on introducing more products to the T&T market.
Confident that the T&T market is a lucrative one, Bruce Parker, senior vice president, global life insurance, said he anticipates upward growth for the company. “We are working on a product now called Universal Life. It’s a product that will allow people to buy permanent life insurance and have part of it in a cash value. Universal Life is a flexible product that is used in the middle to affluent market place.” The company explained: “Life Access is a Universal Life product that has a cash value component.”
Further, Universal Life products are not new to the T&T market, but “Pan American’s Life Access Universal Life product will have unique riders and benefit options that are currently not offered by others.” Permanent Life Insurance is an insurance policy that lasts a lifetime versus a specific time period.
The product is expected to be launched in the second quarter of 2014. Parker spoke to the Business Guardian last week to highlight the company’s performance. “We don’t think everyone would be drawn to the product. It is not a product that is going to be for everybody. The individual would be able to manage their policy and they’ll have flexible premiums. So they could put more money into the product if they want to, and have it go right into savings, or they can put less money in after. It’s a period of time where they might have to put less money into the product.