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RF&G LIFE INSURANCE
The Life Company
The prosperity of your loved ones is in your hands; insure your life today to guarantee their prosperity tomorrow.
RF&G Life Insurance is a member of the Roe Group of Companies, one of the largest and most successful group of companies in Belize. The core business of RF&G Life Insurance is the provision of Life and Health Insurance.
Life Plans
Ensure your families’ future
and safety with a Life Plan
from RF&G Life.
Exit Plan
Put something in place for burial expenses so that you do not financially burden your grieving family.
Health Plans
A Health Plan from RF&G Life can protect you from the financial risk
that comes with medical emergencies.
Personal Accident
Involved in an accident?
A Personal Accident Plan from
RF&G Life provides coverage
Frequently Asked Questions
How does the Application Process Work?
(1) An interview is held with client and a life advisor who will gather all the pertinent information need so as to propose a product that will meet the needs of the client. The client will complete an application form and answer all questions asked to the best of his/her knowledge.
(2) Once client signs application and makes the first premium payment to the agent it is understood there is mutual assent.
(3) Application is submitted to office to be underwritten and if any additional information is need for underwriters to make a decision these requests are sent to client/agent.
(4) Upon receipt of all requirements and a final decision is made underwriters advise if the application is accepted with the book rate quoted to client or if there has been a rate increase and client is required to either accept or decline the rated premium.
Why use an agent to purchase insurance? Can’t I just apply directly through the company?
Agents are license life advisor who are trained to identify the product from the company that is best suited to meet the financial needs of the client base on the discussion with the client. By industry regulations only a license advisor is authorized to conduct the interview with clients for new business.
Do I need to be a Belizean citizen to apply for Life/Health Insurance?
Belizean resident/citizenship is needed; if not Belizean proof of legality in the country is needed. Applicant needs to live in Belize 9 months per year to qualify for health coverage.
How can I pay my Policy Premium Online?
Online payments can be made via bank transfers as per below:
Belize Bank: 133123010120001
Scotiabank: 9137873
Transit #: 91595
Address: Albert Street Branch
Heritage: 9131175
How can I update or change my Beneficiary?
Individuals need to submit their ID, beneficiary form and policy contact.
Groups will need to go through their administrator and submit their beneficiary form.
Can I add my Spouse or Children to my Health Plan?
Yes.
Why do I need a copy of an ID and a recent utility bill for a request or change?
As part of our process “Know Your Customer” requirements we must verify the identity of the client and update changes in mailing and/or residential addresses in our client database.
How long does it take to settle a claim?
Our standard turnaround time to settle simple complete claims is between 10 to 14 business days from the date claim is received in office.
A deductible is the amount of money that a policyholder must pay upfront each policy year towards their medical expenses before the insurance company begins to reimburse them for any expenses.
Your out of pocket cost will be the deductible and co-payments paid for covered expenses under a insured health plan.
Life Insurance – Frequently Asked Questions
What is Life Insurance?
Life Insurance is protection against financial loss resulting from death. It is an insurance company’s promise to pay your beneficiary a specific amount of money when you die in exchange for timely payment of premiums.
Why do I need Life Insurance?
Although you may not think about it, your ability to earn an income is a significant asset and life insurance helps replace lost income in the event of your premature death. Here are some reasons why people buy life insurance.
Personal Uses
The death benefit may be used:
- To replace income a family would need to maintain their standard of living after the death of a wage earner.
- To pay off a mortgage loan and other personal and business debts.
- To create a fund for children’s education.
- To pay final expenses, such as funeral cost or medical bills.
- To create a family emergency fund or a fund for a family member with special needs.
Business Uses
- Key-Person – A life insurance policy can be used to protect a business from the loss of income and profits caused by the death of a key employee.
- Business Loans – Life insurance protection on a key employee or business owner can be used to pay off the debts of a business in the event of that individual’s death.
- Employee Benefits – Life insurance protection for employees is commonly included in company employee benefits plans.
There is no magic formula to determine how much life insurance you should have; however, there are a number of factors that should be considered when estimating how much life insurance you should carry. They include:
- Final Expenses – These could be unpaid medical bills, funeral expenses, unpaid debts and taxes. Your insurance agent will take you through a series of steps called a Needs Analysis in determining your Sum Assured.
- Re-adjustment Fund – This may be used to cushion the immediate lifestyle adjustment that a family must make when a loved one dies. The family may be forced to move, or the surviving spouse might have to look for a new job. In addition, a working spouse may find it difficult to return to work immediately after the death of a partner.
- Supplemental Income – After the re-adjustment period, there should be a consistent income stream to help pay the family’s living expenses, such as mortgage payments, monthly bills, and daycare expenses.
- Educational Funds – Adequate funds should be available for the children’s’ education. This might include private school and University.
- Retirement Fund – There should also be adequate funds available to ensure that the spouse can retire comfortably.
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Protect yourself and your loved ones, call your sales representative or our office directly … on telephone numbers:……………and let us help you choose the right balance of insurance for your needs.