Barbados Investors & Policyholders Alliance – “TO PAY OR NOT TO PAY, THAT IS THE QUESTION”
On Sunday, August 21, 2011, during the programme “The People’s Business” on CBC TV Channel 8 which dealt with the CLICO/BAICO debacle, a caller stated in effect that it was not wise to throw good money after bad.
In the Weekend Nation the Judicial Manager of CLICO continues to encourage policyholders to keep paying their premiums as well as annuity policyholders. We understand that they must encourage this activity to keep a steady revenue stream because any fall-off in premiums will jeopardize the cash flow, and we all want to see CLICO remain a viable company in order for us to get our money back.
We admire and are encouraged by the faithfulness and obedience of our Barbadian people who month after month continue to have salary deductions made, direct debits, or either mail cheques or go into the CLICO/BAICO offices and pay their premiums at this time in the face of uncertainty.
This is faith in companies that have failed them. This is faith in companies that have ignored their pleas for information, status reports, or anything that would take away their anxiety, frustration, and the pain that some of them feel. This is faith in a Minister of Finance and Prime Minister who said and I quote “you will at least get your principal back”. This is faith even when you do not get your health claims honoured. The Bible states in Hebrews 11:1 that faith is the substance of things hoped for and the evidence of things not seen.
The policyholders of these two entities are hoping for their money back but there is no evidence thus far that any of this is happening, so some of us wait in anticipation for the words of politicians to come to pass. Some have surrendered and or cancelled their policies and walked away, a few policyholders have died and hopefully their estate would pursue this debacle to the end and others (like the members of BIPA) will fight using the legal system to get justice. What that justice is, only God knows.
We would also encourage all medical insurance policyholders of CLICO to call or go to the company, and if your claim has been with them for more than 10 days, to not leave without your cheque, since they have stated in no uncertain terms that your claim will be paid within 10 days.
So in light of all the above, we would encourage policyholders to use wisdom; and if any man lacks wisdom he should ask and His heavenly father who gives it liberally will give it.