BOFUS Insurance Brokers (BIB) is an Insurance Service Company established by Botswana Sectors of Educators Trade Union (BOSETU) and BOFESETE Funeral Scheme in 2018. BIB is meant to provide both BOSETU members and the general public with some insurance safety net. BIB ensures that clients live life with fewer worries knowing they will receive financial assistance after a disaster or accident, helping them recover faster.
BIB ensures that clients live life with fewer worries
Insurance coverage is a contract in the form of a financial protection policy. This policy covers the monetary risks of an individual due to unpredictable occurrences of adverse activities. The insured is the policyholder whereas the insurer is BIB. BIB is underwritten by Old Mutual. It provides financial coverage or reimbursement in many cases to the policyholder.
The policyholder pays a premium against which the latter provides insurance cover. BIB assures policy holders that it shall cover the policyholder’s losses subject to certain terms and conditions. Premium payment decides the assured sum for insurance coverage or policy limit.
BIB as an insurance service provider performs various functions and comes with multiple benefits. It provides;
BIB offers Long Term Insurance and Short-Term Insurance
Long Term insurance is insurance directly related to people and life-changing events. It is for retirement, death, and disability. Policyholders pay a monthly premium to BIB to receive a large sum of money in case of a life changing event such as retirement, disability, or death (funeral cover). This means policyholder and his/her family are covered financially when they need it most.
Short Term is different from Long Term in that instead of covering real-life risks, it’s specifically created to insure possessions such as your car, home etc.