Log In

Reset Password

Argus cuts minimum age for seniors’ home insurance

The age limit for a lower cost home insurance deal for seniors has been cut by the Argus Group.

The firm's building and contents insurance Home Essentials is now available to those aged more than 60 — five years earlier than the original age.

And — in a special offer — Home Essentials is also available to members of charity Age Concern who are over the age of 50.

Argus said that change reflects statistics showing that more than 13,000 Bermuda residents were in the over-60s category this year — a figure that is set to grow as baby boomers prepare to retire.

The firm's executive vice president of property and casualty John Doherty said: “We are pleased to be able to lower the eligibility age for Home Essentials.

“The product is designed to provide retirees with affordable coverage as many of our seniors are on a fixed income after retirement.

“The number of retirees in Bermuda is growing and we want to help them keep expenses in perspective, where possible.

“With Home Essentials, our goal is to offer a product designed for making the transition into retirement from an insurance perspective easier and worry-free.”

Claudette Fleming, executive director of Age Concern, said: “By lowering the eligibility of the product and offering it to Age Concern members at 50 years of age, a greater number of seniors will qualify and be able to share in the benefits.”

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

Argus said that the product's benefits were tailored to suit seniors — which cut premiums by 20 to 30 percent compared to standard rates.

The firm is a member of Age Concern's LINK programme, which aims to connect seniors to services designed specially for them.

You must be Registered or to post comment or to vote.

Published October 15, 2013 at 12:55 pm (Updated October 16, 2013 at 9:18 am)

Argus cuts minimum age for seniors’ home insurance

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon