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 to 44 age demographic. At a time when most Bahamians have less than $600 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 goals into manageable, monthly installments and then we help them achieve it with competitive interest, life insurance and favorable consideration when seeking loans," 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 account holder's death.
"Effectively, our Goal Assured Savings Plan creates an almost instant estate for the account holder, 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," 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 to 48 hours upon completion of a simplified five-question application.
Goal Assured Savings Plan account holders 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 using the insurance for other investment purposes.

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