Frequently Asked Questions

The Non-Medical Limit (NML) is the guaranteed amount of life insurance that an employee will receive  without requiring medical underwriting. All amounts in excess of this amount are subject to satisfactory medical evidence of insurability. In other words, medical underwriting will be required for all excess amounts of insurance above the NML. NML’s vary by employer and are reviewed every year during renewal.

Medical underwriting is the use of medical or health information to assist in the evaluation of an applicant for coverage and determining the appropriate benefit and premium. Read more detail here.

The medical underwriting department should be advised of a death claim by the employer or the named beneficiary. If you need assistance please contact our Customer Service Team on 298-0888 or at insurance@argus.bm 

Renewals occur for Group Life plans throughout the year. It depends on the anniversary date of the policy (i.e. the original policy effective date). For example, ABC Company insured for Group Life on November 1, 2012. ABC’s policy will renew on November 1st every year thereafter, unless otherwise stated.

An average rate per $1,000 of insurance benefit is calculated for the plan based on the age and gender of insured employees. The average rate is multiplied by the employee’s volume of Insurance divided by $1,000 units of cover. The volume of insurance is determined by the employee’s insured benefit amount and the benefit plan which is either a multiple of salary (e.g. 2 x annual salary) or a flat benefit amount (e.g. $5,000)

The average rate is reviewed annually.

An example of a Group Life Premium calculation would be:
$100,000 (volume) x $0.15 (rate) /$1,000 (units of cover) =$15.00 per month

An example of Group Accidental Death and Dismemberment (AD&D):

$100,000 (volume) x $0.04 (rate)/$1,000 (units of cover) = $4.00 per month.

Monetary benefits, which are payable to an insured’s beneficiary, depend on the covered employee’s benefit plan. The plan sponsor is the policyholder. The policyholder can take out a Group Life plan with a benefit as a multiple of salary or a flat life benefit. A flat life benefit is a lump sum amount determined by the demographics of the company.

At Argus we have a reduction clause, whereby typically an insured’s benefit reduces by 50% once they obtain age 65 up to a maximum benefit of $100,000. Most Group Life plans terminate coverage once an employee has attained the age of 70 years. Please note, group life plans do vary from one policyholder to the next.

Group Life Insurance provides protection against financial consequences due to death. By insuring employees, the company is providing their dependents with financial security. Group Life provides a monetary benefit in the event of an employee’s death while employed by the employer. It is provided to all active full-time employees who work a minimum of 20 hours per week.

Under the Employment Act 2000, employers must pay up to 26 weeks of wages on an employee’s death resulting from an occupational disease or accident. Our Group Life Insurance policy may be used to provide this benefit.

Our Group Life Policy provides a Living Assurance benefit, wherein Argus pays up to 50% of the life insurance benefit (up to a maximum benefit) to an employee, while living, should that employee become terminally ill as defined by the policy.

Other highlights include an Accidental Death and Dismemberment (AD&D) rider, which provides an additional level of protection by offering more financial security in the event the employee’s death or dismemberment was due to accidental means. AD&D also provides such benefits as continued education for dependent children and rehabilitation in formal rehabilitation programmes.

In addition to life insurance for employees, Argus offers options for employees to purchase additional amounts of insurance for themselves, as well as coverage for their spouse and dependents. These benefits come under our Additional Voluntary Life, Spousal Life and Dependent Life Insurance policies.

The Argus office at 14 Wesley Street is now open to the public 9am to 4pm Monday to Friday. 

We want you to feel secure and comfortable when you visit Argus and we’ve followed the Government’s COVID-19 operations to create an environment that’s safe for all. New practices include, signage to remind and encourage social distancing protocols, the wearing of face masks, hand sanitiser stations and limited opening hours to allow for deep cleaning and sterilisation.

Argus will continue to support your needs online and by telephone. You can reach our Customer Service Centre on (441) 298-0888 between the hours of 8:30 am and 5:00 pm or email insurance@argus.bm for assistance.

We encourage our pensions and health members, corporate clients and personal motor policy holders to register for a Vantage online account to gain access to policy information and a number of self-service tools.

Argus will pay life insurance benefits according to the terms of your policy regardless of type of illness. There are no specific exclusions related to COVID-19.

Group Underwriters set Short Term Disability Premiums during renewals. A group underwriter will review a group as a whole, factor in claims experience and set the rate based on a pre-determined cost analysis spreadsheet. The Short Term Disability premiums are billed monthly to the policyholder and will appear on the same invoice as their group health.

Short Term Disability plan renewals occur throughout the year and usually renew on the anniversary date of the policy or its original effective date.

Short Term Disability claims should be directed to our Customer Service Team on 298-0888 or at insurance@argus.bm Our Claims Team will advise if the claim is deemed a disability and communicate with the policyholder and employee on the particulars of the case.

Our standard income replacements are 50%, 66.67% and 75% of weekly earnings. Each benefit is subject to an overall weekly maximum, and plan design varies from plan sponsor.

Weekly Benefits will be paid to or on behalf of an Insured Employee if he/she becomes disabled while insured, is totally disabled throughout the Elimination Period, remains disabled beyond the end of the elimination period and submits proof of loss to us.

The Weekly Benefit will not exceed the Insured employee's net weekly benefit, or be paid for longer than the maximum benefit period. Please check with a group underwriter for additional information.

If you are a permanent full-time employee, under 65 years of age less the elimination period, and work a minimum of 20 hours per week at the employer’s usual place of business, you are eligible to join the plan.

Yes, benefits under the policy will not be paid in connection with a disability, resulting directly or indirectly, from a pre-existing condition until an employee has been insured under the policy for at least 12 calendar months.

The Argus office at 14 Wesley Street is now open to the public 9am to 4pm Monday to Friday. 

We want you to feel secure and comfortable when you visit Argus and we’ve followed the Government’s COVID-19 operations to create an environment that’s safe for all. New practices include, signage to remind and encourage social distancing protocols, the wearing of face masks, hand sanitiser stations and limited opening hours to allow for deep cleaning and sterilisation.

Argus will continue to support your needs online and by telephone. You can reach our Customer Service Centre on (441) 298-0888 between the hours of 8:30 am and 5:00 pm or email insurance@argus.bm for assistance.

We encourage our pensions and health members, corporate clients and personal motor policy holders to register for a Vantage online account to gain access to policy information and a number of self-service tools.

No. To qualify for Short Term or Long Term Disability benefits, you must be totally disabled due to an accident or illness and unable to work. Check with your employer to determine the company’s policies with respect to time off from work.

If an employee is unable to work due to symptoms of or tests positive for COVID-19, your employee might be eligible to receive STD benefits in accordance with the policy benefit. Note that self-quarantine or self-isolation minus illness are not qualifying factors. Illness is the determining factor to receiving the STD benefit. 

Workers' Compensation is a wage loss replacement benefit for expenses arising out of an accident or illness that occurs while working for an employer. In other words, job-related injuries and illnesses.

Bermuda has legislated benefits under the Workers’ Compensation Act (1965) together with subsequent amendments that hold employers liable to compensate their employees for loss of income and medical expenses. However, for most industries, insurance is not mandatory and the employer can choose either to self-insure against such expenses or purchase a workers’ compensation policy from an insurer.

All employees, aged 16 or above, of the Employer as defined by the Employment Act of 2000 and subsequent amendments, who are Bermuda residents and work for the Employer in connection with the Employer’s Business.

Eligible classes of employees can include:

• Part-time employees working less than 15 hours per week for the Employer,
• Temporary employees working less than three months per year for the Employer,
• Students working for the Employer on weekends, public holidays and /or vacation periods.

Please note eligible classes of employees can vary from plan to plan. 

There are six components included in our Workers' Compensation Plan in accordance with the Workers’ Compensation Act 1965. Benefits are payable in the event of death, disability or injury resulting from a workplace accident as follows:

 (1) death benefit equal to the deceased employee’s earnings in the past 3 years*

(2) permanent total incapacity benefit equal to the disabled employee’s earnings in the past 4 years*,

(3) permanent partial incapacity benefit equal to a percentage of the amount payable for permanent total incapacity

(4) wage loss replacement for an injured employee who is unable to work in the amount of 2/3 of weekly earnings (or a higher percentage of salary if selected by the employer)

(5) medical expenses in accordance with legislated fees and benefits and

(6) employers’ liability at law is covered .

*or 3 or 4 years, as applicable, of the average annual per capita income as recorded by the Bermuda Government

The Argus office at 14 Wesley Street is now open to the public 9am to 4pm Monday to Friday. 

We want you to feel secure and comfortable when you visit Argus and we’ve followed the Government’s COVID-19 operations to create an environment that’s safe for all. New practices include, signage to remind and encourage social distancing protocols, the wearing of face masks, hand sanitiser stations and limited opening hours to allow for deep cleaning and sterilisation.

Argus will continue to support your needs online and by telephone. You can reach our Customer Service Centre on (441) 298-0888 between the hours of 8:30 am and 5:00 pm or email insurance@argus.bm for assistance.

We encourage our pensions and health members, corporate clients and personal motor policy holders to register for a Vantage online account to gain access to policy information and a number of self-service tools.

No. To qualify for Workers’ Compensation benefits an employee must be disabled due to a work-related accident or occupational disease as defined in the Workers' Compensation legislation and unable to work.

It is important to know what coverage you have before your property is damaged, so you are encouraged to check each year to make sure your property is insured for the cost of replacing it. At the very least, check the value at the start of each hurricane season and, as a last resort and final fail-safe, check again as soon as a storm is declared as a threat to our island.

The replacement cost does not mean the sale cost, as the sale cost includes the land too, but it should include an allowance for demolition, then to remove debris and the cost of a new planning application, in addition to the actual building. In practice this generally adds about 13% of the property value.

Buildings Insurance applies to structures, fixtures and fittings. Contents Insurance applies to items that remain within the home, whereas personal possessions refer to items that are brought outside the home.

The coverage you choose depends on your specific needs. Please contact our Customer Service Centre at 298-0888 to discuss your coverage needs, or send us your contact information in a private message and we’ll reach out to you to further discuss.

Now that it is hurricane season, when is the latest point that I can purchase insurance to cover myself against damages from this year’s hurricanes?

At Argus, we put the interests of our clients first, and existing clients can update their sums insured at any time. We are currently accepting new clients and will continue to do so as long as possible in the face of an incoming storm. We encourage you to purchase your insurance now to ensure your property and belongings are protected, as damage caused within 48 hours of commencing the policy will not be covered for storm-related damage. 

It is important to know what coverage you have before your property is damaged, so you are encouraged to check each year to make sure your property is insured for the cost of replacing it. At the very least, check the value at the start of each hurricane season and, as a last resort and final fail-safe, check again as soon as a storm is declared as a threat to our island.

The replacement cost does not mean the sale cost, as the sale cost includes the land too, but it should include an allowance for demolition, then to remove debris and the cost of a new planning application, in addition to the actual building. In practice this generally adds about 13% of the property value.

Buildings Insurance applies to structures, including permanent fixtures and fittings. Contents Insurance includes furniture, furnishings, machinery and other items usual to the Insured’s business.

The coverage you choose depends on your specific needs. Please contact our Customer Service Centre at 298-0888 to discuss your coverage needs, or send us your contact information in a private message and we’ll reach out to you to further discuss.

Now that it is hurricane season, when is the latest point at which I can purchase insurance to cover myself against damages from this year’s hurricanes?

At Argus, we put the interests of our clients first, and existing clients can update their sums insured at any time. We are currently accepting new clients and will continue to do so as long as possible in the face of an incoming storm. We encourage you to purchase your insurance now to ensure your property and belongings are protected, as damage caused within 48 hours of commencing the policy will not be covered for storm-related damage. 

We’re open. Speak to a member of our team at 14 Wesley Street from 9am to 5pm Monday to Friday.

Argus will also continue to support your needs online and by telephone. You can reach our Customer Service Centre on (441) 298-0888 between the hours of 8:30 am and 5:00 pm or email insurance@argus.bm for assistance.

We encourage our pensions and health members, corporate clients and personal home, motor and marine policy holders to register for a Vantage online account to gain access to policy information and a number of self-service tools.

The Argus office at 14 Wesley Street is now open to the public 9am to 5pm Monday to Friday. 

We want you to feel secure and comfortable when you visit Argus and we’ve followed the Government’s COVID-19 operations to create an environment that’s safe for all. New practices include, signage to remind and encourage social distancing protocols, the wearing of face masks, hand sanitiser stations and limited opening hours to allow for deep cleaning and sterilisation.

We will also continue to support your needs online and by telephone. You can reach our Customer Service Centre on (441) 298-0888 between the hours of 8:30 am and 5:00 pm or email insurance@argus.bm for assistance.

We encourage our pensions and health members, corporate clients and personal home, motor and marine policy holders to register for a Vantage online account to gain access to policy information and a number of self-service tools.

Pensions and health members and personal home, motor and marine policy holders can register for a Vantage online account here.

Pensions and health corporate clients can register here for an online account.

Your Business Interruption policy will not cover you for losses incurred as a result of a pandemic. Business Interruption insurance is designed to protect the insured for losses of business income it sustains as a result of physical loss, damage, or destruction to insured property by a covered peril. Insured perils can be found listed in your policy wording and usually consist of fire, lightning, explosion, hurricane, storm, flood, escape of water, riot, impact and earthquake.

If you require additional assistance, please contact the Argus Customer Service Centre at 298-0888.

Registration is easy. Click “Member Login” under the “Pensions” section. A login page will appear and select “Not Registered”. This will take you to the online registration form. You will need your social insurance number to register. This number can be obtained from your member pension statement, your employer or the Social Insurance Department.

Within one to two business days after completing registration, Argus will send you an email containing your login and password information.

The law allows you to receive your pension either in the form of regular annuity payments for your lifetime or by making withdrawals from your account using a prescribed formula to ensure that you receive payments for life. In either case, provision may be made for payment to a beneficiary upon your death after retirement.

The National Pension Scheme (Occupational Pensions) Act came into existence on January 1, 2000.

An employer must enroll all employees who are either Bermudian or the husband or wife of a Bermudian. Non-Bermudians may be included, excluded, or covered under a separate plan.

To complete registration you will need your Social Insurance Number. You must also provide a jpg of a valid government-issued photo ID such as a passport or driver’s license. click here to register and, after reading the requirements, click ‘Next’.

Fill the form with the requested details and press ‘Next’. Once you have uploaded your ID, agree to the Terms of Service and Privacy Policy and press ‘Submit’.

Once completed, a confirmation will appear onscreen. After your account is verified and approved, you will receive an activation link via email.

You can also register for Argus Vantage to access your Health account or to renew your car and bike policies online. Simply follow the steps above and provide your Health Certificate Number to register with your Health account or your motor policy number to review and renew your bike or car policy.

Log into your account and select “Beneficiaries” from the list under “My Profile”. Your beneficiary details will automatically populate. If you wish to change your beneficiary, download the form from the “Forms/Documents” tab. You will need to sign it and send it to Argus. You can either drop this off or email it to pensions@argus.bm.

To view your Fund Fact Sheet, click on the “Funds” tab under “My Profile”. From the list on the left, click on “Fund Fact Sheet” and then select the Fund Fact Sheet that you wish to view.

On the login page, click on “Forgot Your Password”. Enter the requested details (“SIN (social insurance) Number”, “First Name”, “Last Name” and “Date of Birth”) and then click “Continue”. Finally, you will need to answer three security questions and hit “Submit.”

Electronic Bill Payments

HSBC Bank of Bermuda Ltd

• Setup a new bill payment
• Select Argus Pension from the drop down box (either BMD or USD)
• You will be asked for your account number. Your account is your Pension Plan number (example A123456789)
• For reference please put your company name

Butterfield Bank

• Setup a new bill payment
• Select Argus Insurance Co. Ltd - Pension (either BMD or USD)
• Payee reference will be your Pension Plan number (example A123456789)
• Memo detail please put your company name

Direct Transfers

HSBC Bank of Bermuda Ltd

• Account Name:       Argus Insurance Company Limited
• Account Number:   USD 010174571501; BMD 010174571002
• Reference: Your company name and policy number

NEW BUTTERFIELD ACCOUNT DETAILS

• Account Name:       Bermuda Life Insurance Company
• Account Number:   USD 8400105070127; BMD 0600105070115
• Reference: Your company name and policy number

Advise Argus Pensions via email at pensions@argus.bm the value date of the payment and the amount you have authorised.

The contributions received by Argus Pensions will be allocated on the next applicable valuation date.

Electronic Bill Payments

HSBC Bank of Bermuda Ltd

• Setup a new bill payment
• Select Argus Pension from the drop down box (either BMD or USD)
• You will be asked for your account number. Your account number will be as follows:
  • For Individual Retirement Plan (IRP) - 916 followed   by your Social Insurance Number (example 916012345)
  • For Argus Wealth Builder Plan (AWB) - 2501 followed by your Social Insurance Number (example 2501012345)
• For reference please put your name

Butterfield Bank

• Setup a new bill payment
• Select Argus Insurance Co. Ltd - Pension (either BMD or USD)
• Payee reference will be as follows:
  • For Individual Retirement Plan (IRP) - 916 followed   by your Social Insurance Number (example 916012345)
  • For Argus Wealth Builder Plan (AWB) - 2501 followed by your Social Insurance Number (example 2501012345)
• Memo detail please put your name

Direct Transfer

HSBC Bank of Bermuda Ltd

• Account Name:       Argus Insurance Company Limited
• Account Number:   USD 010174571501; BMD 010174571002
• Reference: Your name, Plan Number & SIN (example Joe Smith 916012345) Or (example Joe Smith 2501012345)

New Butterfield Bank Account Details

• Account Name:         Bermuda Life Insurance Company
• Account Number:     USD 8400105070127; BMD 0600105070115
• Reference: Your name, plan number & SIN (example Joe Smith C0916000012345) Or (example Joe Smith C02500000012345)

Advise Argus Pensions via email at pensions@argus.bm the value date of the payment and the amount you have authorized.

The contributions received by Argus Pensions will be allocated on the next applicable valuation date.

Yes. The government (social insurance pension) plan, also called the Contributory Pension Fund, is separate from the Occupational Pensions Act.

The Argus office at 14 Wesley Street is now open to the public 9am to 4pm Monday to Friday. 

We want you to feel secure and comfortable when you visit Argus and we’ve followed the Government’s COVID-19 operations to create an environment that’s safe for all. New practices include, signage to remind and encourage social distancing protocols, the wearing of face masks, hand sanitiser stations and limited opening hours to allow for deep cleaning and sterilisation.

Argus will continue to support your needs online and by telephone. You can reach our Customer Service Centre on (441) 298-0888 between the hours of 8:30 am and 5:00 pm or email pensions@argus.bm for assistance.

We encourage our pensions and health members, corporate clients and personal motor policy holders to register for a Vantage online account to gain access to policy information and a number of self-service tools.

Pensions and health members and personal motor policy holders can register for a Vantage online account here.

Pensions and health corporate clients can register here for an online account.

Your pension investments are well diversified. In structuring the Argus Select Funds, we created risk profiles with the understanding that the markets periodically experience stress. Creating a proper blend of high-risk, low-risk and uncorrelated assets helps us to preserve capital during times of stress. Click here to read more.

As always, when markets create significant moves there will be persons experiencing stress as they feel the impacts of being in higher risk positions. We encourage you to seek professional guidance before making any decisions to move your pension funds to ensure that you fully understand possible impacts.

The Pensions Department can be contacted at pensions@argus.bm or, alternatively, contact our Customer Service Centre at 441-298-0888.