Insurance in Guyana
Savings and investment plans in Guyana
Savings plans that build a cash value you can borrow against or take at a date you choose, with life insurance included.
Plans
Savings and investment plans: plans sold in Guyana
2 plans in this group. Each page explains who it suits, what it pays and what you need to apply.
- Life LinesPermanent life insurance with a savings account you pay into as much and as often as you choose above a yearly minimum.Plan details
- Endowment PlansLife insurance that pays out a lump sum on a date you choose, or in instalments along the way, and pays in full if you die before then.Plan details
In plain language
How savings and investment plans work
Savings plans combine life insurance with a cash value that grows. An endowment pays the sum insured on a date you choose, or in instalments along the way. Life Lines is a universal life plan with a fund you pay into whenever you can and draw on after the first year.
Both can be borrowed against, and both can be surrendered for cash, though surrendering in the early years returns less than you paid in. The death benefit applies throughout, so your family is protected while you save.
Maintained by Life OperationsUpdated
How to get covered
- 01Set a goalAn agent helps you choose a target amount and date, and works out the premium that gets you there.
- 02ApplyComplete the application with your personal, health and beneficiary details.
- 03Policy issuedYou receive the policy document and start paying at an office, by bank transfer or by salary deduction.
- 04Draw on itBorrow against the cash value, make withdrawals from a Life Lines fund, or wait for the maturity date.
Forms
Forms for savings and investment plans
Print, complete and bring to your office, or ask your agent to complete it with you.
All forms and documentsQuestions
Savings and investment plans: 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 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.
Can I take money out of a savings plan before it matures?
Life Lines allows withdrawals from the fund after the first policy year, and loans against it. Endowment and whole-of-life plans can be borrowed against or surrendered for their cash value, though surrendering in the early years returns less than the premiums paid. Ask your office for the loan terms on your plan.
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