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What type of payment methods will BAF Financial accept?

Salary deduction – Premiums deducted directly from the salary of the insured / policy owner by his/her employer and remitted to BAF Financial on a monthly basis.

Pre-Authorized Check – BAF Financial directly debits monthly premiums from the insured / policy owner’s assigned bank account on an agreed fixed date each month.

Credit Card – BAF Financial processes monthly credit/debit card payments in accordance with a written standing authorization from the insured / policy owner.

Personal Checks – BAF Financial processes monthly checks made payable to BAF Financial & Insurance (Bahamas) Ltd. (Personal Checks should include the policy number/s and amounts to be paid).

Online Payments – Clients who have registered can make payments online using VISA or MASTERCARD.

Cash Payments at any BAF Financial Office or at any Cash N’ Go location.

Do I have a grace period to make my premium payment?

There is a grace period of up to 30 days after your premium due date to make a premium payment. Your payment must be received (and honored upon 1st presentation) within 30 days of your due date to prevent the lapse of your policy/coverage

Note: that there are no medical benefits paid during a grace period.

How long does it take for you to process a withdrawal?

Once the request has been received in our Home Office, the request will be reviewed and processed within five (5) business days.

What do I need to do to change my beneficiaries?

You must complete a Beneficiary Change Form.

Upon receipt of the completed form, your request will be processed within five (5) business days. After your request has been approved and processed, an Endorsement will be added to your policy contract.

Irrevocable beneficiaries are required to sign along with the insured/policy owner on any beneficiary changes.

What do I do when the insured dies?

Prompt notification of an insured’s death by the named beneficiary/ies quickens the payment of your insurance claim. You may notify us in person at any of our locations. A claimant’s statement will be completed with assistance from one of our authorized representatives. The policy contract along with the original death certificate, Government issued photo IDs for the deceased insured and all beneficiaries are required for submitting a claim.

How long will it take to process a death claim?

Upon receipt of all requirements the claim will be processed within three (3) business days (Non-Contestable Claims). Processing time may be extended if additional information is required.

Can the death claim proceeds be assigned to a funeral home?

Yes, death benefits can be assigned in part or full for funeral arrangements. All designated beneficiaries must complete and sign an ‘Assignment of Benefits’ form provided by the funeral home. The assignment form for each beneficiary and a funeral invoice must be submitted to BAF.

Is there an age restriction on buying Life Insurance?

Each life insurance product may have a minimum and/or maximum eligibility age. Please contact us for information for specific products.


Policy owner

The person who owns the life insurance policy is the policy owner. In many cases, the policy owner is also the person who is insured by the policy. However, the policy owner may also be a relative of the insured, a trust, partnership, or a corporation.


A beneficiary is the person(s) selected by the policy owner to receive the life insurance death benefit upon the death of the insured. A beneficiary can be a relative, a friend or legal entity.


Premiums are the required regular payments made to the insurance company to purchase and keep a policy active.

Death benefit

A death benefit is the sum paid by the insurance company to the beneficiary/ies at the time of the insured’s death and while the policy is active.

Face/Coverage amount

The face/coverage amount of the policy is the amount of the death benefit as stated in the policy. This does not include additional amounts that the policy may provide if applicable.


Insurability refers to how likely an applicant is to be offered coverage based on current health, medical history, family history and other risk factors.

BAF Financial Annuity FAQs

What is a BAF Annuity?

Among the many investment products you can choose from is a BAF Annuity. An annuity is a contract between you and an insurance company, which states that in exchange for your payment (deposit/contribution), the company agrees to pay you an income in the future.

Are there different types of Annuities?

Yes. BAF offers three different types of Annuities.

  1. Single Annuity – You make a lump-sum investment. Currently, the required minimum investment in this type of annuity with BAF is $2,500. If you wish to increase the principal amount, you may do so in increments of $2500 or more. BAF will offer a guaranteed rate of return for the first 12 months of your annuity. Each year thereafter, a rate is declared and your annuity will earn that rate. A minimum rate is also declared. At no time will your interest rate fall below the minimum rate set.
  2. Flexible Annuity – This plan allows you to make subsequent contributions to the account. An initial contribution is made and an agreement is made to make monthly contributions of a specified amount. Presently, the minimum requirement to begin this plan is $500, and monthly contributions of $100 or more are accepted via salary deduction, pre-authorized chequing deductions, or post-dated cheques. You may contribute more than your agreed monthly payment, but you are encouraged to not fall below that amount in order to meet your projected targets. This plan also offers a guaranteed rate of return for the first 12 months of your annuity. Each year thereafter, a rate is declared and your annuity will earn that rate. A minimum rate is also declared. At no time will your interest rate fall below the minimum rate set.
  3. Immediate Annuity – This plan has little or no accumulation phase. You can purchase it with one lump-sum payment, usually a significant amount, and begin receiving monthly income payments right away. Various payment plans are offered, for example, 10 year guaranteed monthly payments, with payments to a beneficiary should you die within the 10 years, or monthly payments for a specified/certain period, with no payments to a beneficiary and so on. This plan is popular with retirees as it guarantees a monthly income.

What is the Surrender Period?

Both the Single and Flexible Annuity have surrender periods of 36 months. This means that a penalty fee is charged for withdrawal of funds within the first 36 months of the life of the annuity. With BAF, the penalty is calculated based on the amount of funds withdrawn and not on the entire principal amount. The penalty percentage is lowered as the annuity approaches 36 months. Beyond 36 months, no penalty is charged for withdrawals. You may continue to maintain the account, may withdraw partial funds, or all of the funds if desired. This is designed to encourage and achieve long-term saving and investing goals.

Are there any administrative or maintenance fees?

There are no administrative or maintenance fees associated with BAF Annuities.

What can you use an Annuity for?

  1. Supplement retirement plans
  2. Stand alone as a retirement plan
  3. Pension Plan
  4. Child’s College Education
  5. Assist with down-payment for property or home
  6. Entrepreneurship
  7. Accumulate savings

How much risk is involved?

Investing in an annuity with BAF is a safe investment. Your rate of return is guaranteed by BAF and we invest in fixed income portfolios. If you are looking for a secure investment opportunity, without having to be concerned whether the stocks are doing well or not, or if you are just not in a position to take risks with your money, a BAF annuity provides a comfortable solution, with a high rate of return.

What happens if I die?

When you complete your application, you will be required to name a beneficiary. The individual will be paid the funds once proof of death is provided along with acceptable form of identification. If Estate is named, the account will be handled as stipulated in your Will.

How do I get started?
  1. Contact your BAF Financial Service Representatives
  2. Complete the Annuity Application
  3. Complete the Customer Declaration/Verification Form
  4. Provide identification ( 1st four pages of passport or driver’s license )
  5. Pay funds to BAF
  6. If you choose the Flexible Annuity, provide/complete method of monthly payment (salary deduction form, PAC form, or post-dated cheques)