April 04, 2017
Bank of The Bahamas Limited (BOB) has partnered with a local insurance entity to extend its newest innovative savings product, the Goal Assured Savings Plan to the Bahamian saver. This innovative three year savings plan provides structured savings with a life insurance component for customers in the 18-44 year age demographic. At a time when most Bahamians have less than $600.00 in their savings accounts, Bank of The Bahamas, through the Goal Assured Savings Plan is encouraging individuals to be disciplined about setting and achieving their goals said Byron Miller, Senior Manager, Business Development, Bank of The Bahamas.
“Whether you are saving for college tuition or to purchase real estate you need to be focused and consistent. With Goal Assured Savings we work with customers to first identify and simplify their goal into manageable monthly installments and then we help them achieve it with competitive interest, life insurance and favourable consideration when seeking loans,” Mr. Miller said.
Philip Haven, Senior Manager at Bank of The Bahamas explained that the Goal Assured Savings Plan is unique in the marketplace because it is the only bank savings plan to provide term life insurance with competitive interest. The insurance coverage, provided by a local partner insurer, is completely paid for by the Bank, not the customer; and guarantees that a savings goal is realized even in the event of the accountholder's death.
"Effectively our Goal Assured Savings creates an almost instant estate for the accountholder which can provide an inheritance for the client's designated beneficiary. For example, if a client's stated goal is to save $25,000 over the set three year period but he or she passes away having saved only $15,000, the term insurance would cover the unrealized $10,000, thus ensuring that the intended savings goal is met,” Mr. Haven said.
The added benefit of life insurance makes the Goal Assured Savings Plan well suited for young married couples and single workers with children because of its ability to help achieve important goals and make provision for dependents. There is no medical exam required to obtain the insurance and approval for coverage is granted within 24-48 hours upon completion of a simplified five question application.
Goal Assured Savings accountholders also receive consideration on loans to assist them with future purchases. Once a savings goal has been achieved clients have the option to continue with the insurance coverage by assuming full responsibility for premium payments and use the insurance for other investment purposes.
Bank of The Bahamas Limited is a modern full-service bank providing personal banking services to customers from all walks of life. The bank's network includes thirteen branches across eight islands. For more information on the Goal Assured Savings Plan interested persons may contact the bank at 461-3510.