What is the Goal Assured Savings Plan?
The Goal Assured Savings Plan, BOB´s newest, innovative product is a structured savings plan that includes a life insurance component. It is ideal for persons ages 18-44 who want to save up to $25,000 over a 3 year period.
How does the Plan Work?
Upon enrollment in the plan the client identifies a savings goal that he or she wants to achieve over three years, for example, $25,000 towards a down payment for a home.
The goal is locked in and simplified with scheduled monthly deposits.
The client fills out a brief application with five questions for insurance coverage.
The application is approved or declined within 24 to 48 hours; no medical examination is required.
Once the insurance application is approved the savings plan goes into effect.
Who Pays the life insurance premiums?
BOB pays 100% of the annual insurance premium for the accountholder.
What are the primary benefits of the Goal Assured Savings Plan?
- Provides structured savings while offering an attractive interest rate.
- The full goal amount is insured for the term of the plan.
- In the event of death, the unrealized portion of the savings goal will be paid to the customer's beneficiary/ estate.
- The accountholder receives special discounts on loans