Insurance in Guyana
Life insurance in Guyana
Life insurance pays your family a lump sum if you die. Plans with cover for life, cover that is paid up by a set age, cover for serious illness, and a funeral plan with a short application.
Plans
Life insurance: plans sold in Guyana
8 plans in this group. Each page explains who it suits, what it pays and what you need to apply.
- Future BuilderLevel term life insurance for a fixed number of years or to a set age. There is no savings element, which keeps the premium low.Plan details
- Future Builder SuperLevel term life insurance that returns 60% of the premiums you paid if you are alive at the end of the term.Plan details
- Super Life ProtectorWhole-of-life cover with level premiums payable to age 100, a guaranteed death benefit and a guaranteed cash value.Plan details
- Limited Pay Whole of Life @60Whole-of-life cover with premiums that stop at age 60 and a small yearly payment to you from 61 to 65.Plan details
- Limited Pay Whole of Life @65Whole-of-life cover with a limited premium-paying period and a small yearly payment to you from 66 to 70.Plan details
- Super Life Protector 20Whole-of-life cover paid up in 20 years, with a cash payment every ten years you are alive.Plan details
- Guaranteed Insurance ProtectionA funeral plan for people aged 40 to 75 that pays a fixed lump sum towards final expenses.Plan details
- Critical Illness PlanA lump sum if you are diagnosed with one of 20 listed serious illnesses and survive 30 days after diagnosis.Plan details
In plain language
How life insurance works
Life insurance pays a lump sum to the people you name if you die while the policy is in force. Demerara Mutual sells two kinds: term plans, which cover you for a set number of years at a low premium, and whole-of-life plans, which cover you for life and build a cash value you can borrow against.
Term cover (Future Builder) suits a fixed period, such as the years until your children finish school or a loan is repaid. Whole-of-life plans (Super Life Protector and the limited-pay plans) suit people who want cover that never runs out, with premiums that stop at a set age. Critical Illness pays while you are alive, on diagnosis of a serious illness, and can be bought on its own or added to most plans as a rider.
Premiums are set by your age, sex, smoking status and health when you apply, and stay level for the plan's premium term. Minimum cover starts at GYD 500,000 (XCD 50,000) on whole-of-life plans and GYD 1,000,000 on term plans.
Maintained by Life OperationsUpdated
How to get covered
- 01Talk to an agentAn agent at your nearest office works out how much cover your family would need and which plan fits your budget.
- 02Complete the applicationYou give personal, health and beneficiary details and show identification. For larger amounts a medical examination may be asked for.
- 03UnderwritingThe Society assesses the application and confirms the premium. If anything changes from the quote, your agent explains it before you commit.
- 04Policy issuedYou receive the policy document and choose how to pay: at an office, by bank transfer, or by salary deduction where your employer offers it.
Forms
Forms for life insurance
Print, complete and bring to your office, or ask your agent to complete it with you.
All forms and documentsQuestions
Life insurance: common questions
How do I apply for a policy?
Visit any Demerara Mutual office, speak to an agent, or request a callback and an agent will contact you. Each office's phone number is on the Offices page.
Do I need a medical examination?
Some plans require a medical examination, usually when the sum insured is high or you have an existing health condition. Your agent will tell you before you apply.
How do I pay my premiums?
You can pay at the counter of an office that takes payments, by bank transfer, or by salary deduction where your employer offers it. The Pay a premium page lists the options in your territory, including MMG and SurePay where they are available.
Can I borrow against my policy?
Plans that build a cash value, such as whole of life and endowment plans, allow policy loans against that value once it is large enough. Ask your office for the loan value on your policy.
What riders can I add to a life policy?
Whole-of-life plans offer waiver of premium, accidental death and dismemberment, critical illness and payor benefit riders. Term plans offer waiver of premium and accidental death and dismemberment. A rider adds to the premium and is chosen when you apply.
What is the minimum amount of life cover I can buy?
Term and endowment plans start at GYD 1,000,000. Whole-of-life plans start at GYD 500,000, or XCD 50,000 in the Eastern Caribbean. The Guaranteed Insurance Protection funeral plan starts at GYD 400,000 or XCD 30,000.
Does smoking affect my premium?
Yes. Premiums are set separately for smokers and non-smokers, and by sex and age at the start of the policy. Your smoking status is asked on the application.
What is mortgage protection insurance?
A term life policy whose cover falls each year in line with the loan balance. If the borrower dies during the term, the payout clears what is still owed. Terms run from 10 to 25 years in Guyana, with a 30-year term also sold in the Eastern Caribbean, to match the mortgage.
Visit
Where to apply in Guyana
Head office
Head Office, Georgetown
61 & 62 Avenue of the Republic & Robb StreetGeorgetown+592 225 8991-3Agency
Clarke's Agency
61 & 62 Avenue of the Republic & Robb StreetGeorgetown+592 225 3844 ext 314Agency
Blair's Agency
63 Avenue of the Republic & Robb StreetGeorgetown+592 225 8991-3 ext 312
Talk to an agent
Not sure which plan fits? Ask an agent in Guyana.
Tell us what you want to cover or save for. An agent from your local office will call you back to explain the options and the cost.
Request a callback