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There are various forms of insurance you can obtain to help cover different aspects of your life, such as personal life and health. Insurance can cover situations such as medical conditions, sickness or even death, so it is important to review your insurance to ensure you have the appropriate coverage. Life insurance The main form of insurance that provides financial coverage upon an individual’s death is life insurance. The most important question to ask when trying to ascertain whether life insurance is necessary for you is whether your family would suffer financially, if you were you to die unexpectedly. Some people don’t give this question serious enough thought. In fact, according to research for America’s National Association of Insurance Commissioners (NAIC), less than half of young families have life insurance for either spouse that they have purchased on their own. To begin, you need to think about how much life insurance coverage you need, for how long and how much can you afford to pay in insurance premiums. Consider your dependents financial needs if you were not there to provide for them, which takes in consideration determining how much of the family's overall income you contribute. Are there other important expenses that you would like to cover, such as education for your children or other outstanding debts? All of these aspects will affect how much life insurance you should consider obtaining. Health insurance Health insurance is mandatory for anyone who works in the Cayman Islands. If you are employed, you will normally join the health insurance provider that your employer uses for all employees. But it is worth examining if the level of coverage offered by this service provider is sufficient for you and your dependents. Sometimes you may be offered more than one plan, with different premiums, co-payments, deductibles and benefits which should all be carefully examined. Think about how much you spend on average as a family each year on healthcare, which doctors and hospitals are included in your health insurer’s network and whether you’d like to broaden that reach to cover specific doctors or hospitals. Also, it is important to look at whether your insurance plan covers services such as dental coverage, optician's visits or even eye glasses. If you or a dependent has a medical condition that may require regular medication, check to see if your medication is included in the plan’s drug list, otherwise you may have to pay for your medication in full. Paying a little extra for health insurance may mean the difference between an average service and one that really suits your needs. Insurance is an important financial expense to ensure that you are adequately prepared, given various situations that could happen. As with your retirement plans, planning for the future gives peace of mind for you and for your loved ones.

The Chamber Pension Plan remains dedicated to helping its members prepare for their future retirement horizon as well as their immediate financial needs arising from the COVID-19 pandemic. To this end, the Plan has given extensive consideration to the best means of putting into place an effective and efficient service at all levels to ensure members receive their funds in a timely manner under the COVID-19 Emergency Pension Withdrawal Programme. The Trustees have been involved in numerous discussions and consultations with the Cayman Islands Government, the other private pension plan providers in the Cayman Islands and the Department of Labour and Pensions for several months to monitor and discuss the National Pensions (Amendment) Act, 2020. The Trustees have also initiated numerous and lengthy discussions with MUFG as Administrative Agent to the Plan and Mercer Investments as Investment Advisor to the Plan to identify and quickly resolve the issues and challenges the changes in the Law might give rise to. The Plan’s website and social media channels are being updated regularly with new information and resources designed to help members stay up to date and make informed decisions about their financial future. The Plan has also developed an FAQ resource and implemented a user-friendly online application form to assist members with submitting their applications. About one-quarter of the Plan’s membership has submitted withdrawal applications to date, which works out to over 8,000 applications. “Thanks to our hard-working staff and newly added resources, we have paid out over $90 million in COVID-19 pension withdrawals since mid-June,” said Randall Fisher, Senior Manager of Business Management and Relationship Development at Chamber Pension Plan. “The team monitors between 1000-2700 emails and 600 phone calls and voicemails per day.” “The Chamber Pension Plan was created with only the best interests of Cayman’s workers and businesses at heart, and will continue to put its members first during this unprecedented time and beyond.”

It is important to think in years, not months. Although markets can be volatile over the short-term, they have historically produced strong results over the long-term. The performance table below shows a significant rebound from late 2018. Always remain focused on staying the course to reap long-term gains. View full fund performance

The dawn of a new decade heralds new and exciting opportunities for investors. In this blog, we predict 4 significant changes to the landscape that will make for successful investing in the new "Roaring 2020s". 1. Millennials are the new economic powerhouse Millennials are a force to be reckoned with. A few short years ago they were fresh-faced kids, thought to be lazy and over-indulged. Now, as they leave their 20s and enter their 30s, the stereotypes are unravelling. Over the past decade, millennials have worked longer hours than any other generation before, with slow and limited wage growth. This is all set to change however, with their hard work and dedication about to pay off. Nearly 50% of millennials participate in the freelance economy — an economy that is showing no signs of slowing down, thus promising an upward career trajectory for these young adults. Furthermore, the group is anticipated to inherit over $68 trillion from their baby boomer parents in one of the greatest wealth transfers the world has ever seen. The 2020s will see millennials become the new economic powerhouse. Already their consumerism has been a major positive economic contributor, lending to the success of companies like Airbnb, Uber, Amazon, and Spotify​. Ever the disrupters, millennials are poised to shape new economies and industries as they step into the decade with the same "can-do-attitude" they've had all this while. 2. Real estate outlook is good The 2019 housing market has experienced low rates, high demand and limited supply — particularly on the lower-priced end of the market. Economists are predicting continued low prices in the new decade, giving property investors more bang for their buck. Millennials have also been on a homebuying streak over the last few years. With the tech-savvy millennials now in the market, the real estate industry is expected to go through complete digitisation. Mortgage and real estate spheres have already begun moving away from manual, paper-laden processes to more innovative services, like digital mortgage applications and e-signing. We'll probably see these solutions start teaming up in the new year, so rather than competing, companies will combine technologies across the board. 3. Brexit comes with economic opportunities (yes, really) Amid the chaos and confusion, businesses are finding real opportunities in the Brexit aftermath. Depending on the deal made, Brexit could open up new markets beyond the EU and deliver a welcome boost to UK exporters. The devalued pound has resulted in cheaper UK products and increased export sales. Of course, it is a matter of waiting to see how Brexit unravels. Still, one thing is sure in 2020 — there is an opportunity in every challenge. 4. The best time to start investing is yesterday At the end of the day, you'll never be younger than you are right now. The best time to invest is when you have the money and remember the tenants of investing success when doing so: Save early and save often Diversify your investments Stay invested Keep your investing costs and transaction costs dirt-low Be mindful of tax considerations Money can make more money if you let it This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date indicated and may change as subsequent conditions vary. The information and opinions contained in this post are derived from proprietary and nonproprietary sources and are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Chamber Pension Plan, its officers, employees or agents. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any of these views will come to pass. Reliance upon information in this post is at the sole discretion of the reader. The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective. The information presented does not take into consideration commissions, tax implications, or other transactions costs, which may significantly affect the economic consequences of a given strategy or investment decision. This post contains general information only and does not take into account an individual’s financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.