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.
Mobile Wallet - the most convenient way to pay your premium is via Cash N Go Mobile wallet. Download the app and never worry about missing payments again.
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.
COMMON INSURANCE TERMS
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.
Beneficiary
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.
Premium
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
Insurability refers to how likely an applicant is to be offered coverage based on current health, medical history, family history and other risk factors.
