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Argus launches cut-price home insurance for seniors

Argus Group said yesterday it’s launched a new home insurance for seniors that’s 25 percent below market price.

The company said it was launching the product at a time when Bermuda’s senior population was rapidly growing.

According to the Social Insurance Department, 700 residents retired in 2010, compared to just 276 during the year before. And with falling birth rates, people living longer and the “baby boomer” generation preparing to retire, this trend is likely to continue.

Argus Group said the new product, Home Essentials, was designed specifically for Bermuda’s seniors and has been endorsed by Age Concern.

Home Essentials provides coverage for a wide range of perils including fire, flood, hurricane, burglary and escape of water.

Argus said some benefits that could be considered unnecessary for seniors have been removed, allowing Argus to provide the product at an affordable rate for those aged 65 years or older.

“These are difficult times and no one knows this more than our seniors, the majority of whom are on a fixed income after they retire,” said John Doherty, executive vice president of Argus Property & Casualty.

“We have designed Home Essentials to provide retirees with coverage that responds to the most common causes of loss, while keeping the cost of premiums affordable. We have also made it fast and easy for anyone 65 years or older to qualify, whether their current policy is with Argus or not. At Argus we recognise that this is a growing segment of our population, and it is important that we take care of them.”

Argus said the product has been endorsed by Age Concern and as of February 1 of this year, Argus became a certified LINK partner with Age Concern. LINK is Age Concern’s programme to connect seniors to services that meet their needs.

“It is important for seniors to have insurance, but standard premiums can be expensive and often cover items that don’t apply to the senior population,” said Claudette Fleming, director of Age Concern.

“For seniors concerned about their monthly costs, this new offering will provide peace of mind. And those caring for an ageing relative can also talk to Argus about how Home Essentials can help their loved ones. It is a great new option for seniors.”

Home Essentials will be featured at the Argus display (booths 23 to 25) at the Coldwell Banker Home Show at CedarBridge Academy on Friday from 3pm until 8pm and Saturday, February 18 from 9.30am until 4.30pm.

John Doherty of Argus

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Published February 15, 2012 at 1:00 am (Updated February 15, 2012 at 6:54 am)

Argus launches cut-price home insurance for seniors

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