Barbados Residents Urged to Act on Life Insurance & Financial Planning Amid Rising Costs: GLOC & COBFSIA Partnership Emphasizes Economic Safety Net Improvement

Amid concerns about Barbados’ ageing population and rising cost of living, Guardian Life of the Caribbean Limited (GLOC) and COB Financial Services and Insurance Agent Inc (COBFSIA) have urged residents to take immediate action on life insurance and financial planning.

The advice came as COBFSIA powered by Guardian Life of the Caribbean reaffirmed their partnership to improve the economic safety net of credit union members through flexible insurance solutions.

Sharing a critical observation which prompted the strengthening of the nearly two decade-old cooperation, Corporate Agent at GLOC, Kammie Holder told a media briefing on Monday: “We observed a trend where many persons were not taking advantage of financial security and a peace of mind that comes with having insurance coverage.

“In Barbados, individuals often leave behind estates rich in assets such as homes and property but lack financial legacy of cash that is multi-generational.”

Holder said GLOC and COBFSIA therefore understood the need to sensitise credit union members on the benefits of insurance.

Further stressing the need for proactive planning and more uptake of life insurance, GLOC Vice President of Sales at Guardian Life, Gregg Mannette said this would avoid future financial burden on both individuals and the State.

“We have in Barbados the largest ageing population in the territories that Guardian Life operates in, and that is countered by a very low number – about 15 to 16 per cent of the adult population – being in the working class,” Mannette said.

Despite some progress and what he described as a “bit more of an understanding” among the local population, Mannette called on stakeholders to educate the public about the importance of life insurance and financial planning.

He noted a positive trend among younger Barbadians – a positive uptake in policies among persons between the ages of 25 and 35.

“The earlier you start planning and saving and preparing for your future, the easier it will be for you as you get older,” Mannette stressed, encouraging citizens to seek advice from licenced and experienced advisors to develop tailored financial plans. “Act now and take your financial future seriously.”

GLOC President Samanta Saugh also reiterated the collaboration’s commitmentment to being an arm of support to nurture, educate and guide members and clients to protect lives and safeguard financial futures.

“This partnership is one of collaboration to seamlessly service our members, bringing them a diverse range of competitive solutions that help them protect their lives and their loved ones,” she said. “We are excited about the strengthening of this partnership and the new opportunities to empower these members and the wider public on the benefits of the solutions created to achieve their financial success and peace of mind so they can live easy.”

Chairman of COBFSIA Kemar Cumberbatch added that with the collaboration, Guardian would tap into COB’s extensive network to offer affordable rates and comprehensive financial products and services.

He told the launch that presently, members of the City of Bridgetown Co-operative Credit Union benefit immensely from one of Guardian’s innovative products, Creditor Life, “which protects families from the burden of repaying debt, ensuring that they are not left with additional financial strain during difficult times”. (SM)