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Get covered, says insurer

marciadottin, [email protected]

Get  covered, says insurer

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A veteran insurance industry practitioner is appealing for all Barbadians now employed to ensure they have pensions and are covered by life insurance.
Head of BB Insurances, Beaumont Banfield, a former life insurance underwriter, told BARBADOS BUSINESS AUTHORITY that the value of this advice he gave to several clients decades ago, many of them now well known members of society, was paying off.
He reported that in recent weeks his company has been facilitating the payment of thousands of dollars to Barbadians who had reached retirement or were near that stage.
“I saw that people needed to have protection and that if anything happened prematurely that there would be some cushion there because none of us know when the end will come so you have to plan for these things,” he said in an interview.
“Time goes by with all of us whether we like it or not but you have to plan for retirement and a lot of people do not plan for retirement. When we are young you feel like you have got all the time in the world and you always say ‘well, that will take care of itself’. It doesn’t, you have got to take care of that and you need to start from young putting aside something for that time.
“I convinced a lot of people to do that and as a result these people are benefitting now from the advice that I gave them and which they took. We are paying out thousands of dollars monthly and annually in either lump sums or pensions for life. It is so rewarding to the people and me and my staff here.”
His advice to young Barbadians was to “follow that path; don’t think that it’s not going to happen to you. It will happen and you have got to plan early for retirement”. (SC)