VM Group has partnered with Canopy Insurance to launch a fully digital specialised life insurance plan, dubbed the Canopy Family Plan, exclusively for VM Group Members and their eligible family members, with monthly premiums starting at $380 per policy and coverage up to $1.5 million per person.
The Canopy Family Plan is a micro life insurance policy, designed to provide affordable lifetime coverage to VM Members with an active Jamaican dollar savings account and up to five of their eligible family members between 18 and 75 years old. Eligible family members include a spouse; two parents or parents-in-law; and two unmarried children, who are under 26 years old.
Adam Harris, Assistant Vice President, Strategic Investments with the VM Group said the partnership reflects the Group’s drive to transform lives.
“At VM, we are continuously investing in providing value-added opportunities for our Members to help secure their financial well-being and generational wealth. With a special product like this, they can now have the peace of mind of knowing that they are protecting the future of their beneficiaries in a meaningful way,” he said.
Harris also noted: “This product is representative of our core values and strategic objectives and further underscores our commitment to transforming the lives of not just our Members, but also their loved ones”.
Sean Scott, Managing Director of Canopy Insurance, meanwhile, said “Canopy is excited to be partnering with the VM Group in furtherance of their mission to advance the financial well-being of their members. This aligns with Canopy’s values, and those of our shareholders GraceKennedy and Musson, as we aim to create more accessible and affordable financial products that facilitate greater financial inclusion for all Jamaicans.”
“With modern technology at the core of our operations, not only are we able to offer this Family Plan product, but we are able to do so in a seamless, hassle-free way with a fully digital, end-to-end customer experience, which in the middle of a pandemic, is now more valuable than ever before,” he added.
No medical examination is required for the plan, which is being offered through a digital only enrollment and administration process. Persons interested in enrolling must submit their application through a specially developed online portal accessible via Canopy’s website.