*File photo
*File photo

In these trying economic times, who couldn’t use to save more than a few bucks?

The Argus Group announced on Tuesday that  it was lowering the age requirement on its Home Essentials product from 65 to 60.

Home Essentials offers low-cost building and contents insurance product for seniors. 

Mary Flatres, senior underwriter property and casualty for Argus, told the Bermuda Sun “According to the Department of Statistics, Bermuda’s senior population is growing.”

She said a good percentage are already over 60  “plus you have the baby boomers coming into that category. Argus decided wanted as many people as possible to benefit from the Home Essentials policy. That’s why we cut the age group.”

Ms Flatres added: “For a similar product, they would pay 20 to 30 per cent less from our standard product. It is a good savings for those people. 

“They will still have the critical cover that they are looking for like fire, flood and hurricane, burglary — those are the things seniors tell us they are looking for.”

She said the Home Essentials was a new product in February 2012 aimed for those who were 65 and older. 

“It was really successful and we had a good launch and the customers have been really pleased with it.” 

As a special offer, Age Concern members can purchase the Home Essentials product from the age of 50. Individuals who are interested in joining Age Concern should call 238-7525.

Claudette Fleming, executive director of Age Concern, said that Home Essentials is a valuable and affordable product for seniors.

She said in a press release: “Seniors need to ensure that they are protected with insurance; however, standard premiums can be very costly. Home Essentials fills this need and will provide seniors with peace of mind knowing they don’t have to worry about their house or contents should there be any damage. By lowering the eligibility of the product and offering it to Age Concern members at 50 years of age, a greater number of seniors will qualify and be able to share in the benefits”