Old Mutual Ghana has launched a new insurance product focusing on funeral coverage and financial legacy. The Legacy Transition Plan offers clients protection worth up to GHS300,000. This plan aims to safeguard families financially during difficult times and beyond.
The product goes beyond traditional funeral policies. It aims to provide comprehensive financial planning for families. Benefits are designed to grow with inflation. Customers can cover their entire extended family. No medical check-ups are needed to enroll. The plan is available now for immediate use.
This initiative fits into Ghana's growing financial services sector. Many Ghanaians seek robust protection against unexpected costs. Rising inflation has also made inflation-proof benefits a key concern. The insurance market in Ghana has seen new products emerge. These often cater to specific cultural needs, like funeral expenses.
Roy Punungwe, Group Chief Executive Officer at Old Mutual Ghana, stated, “Planning for the inevitable is one of the most responsible gifts a parent or provider can give their family.” He added that the plan is a financial tool that supports families and preserves dignity. Insurers often highlight the importance of foresight in financial planning.
The Legacy Transition Plan offers significant flexibility. Basic coverage starts at GHS20,000. Benefits increase by 10 percent each year automatically. This escalation can reach up to GHS500,000. Policyholders can renew their plan every five years. This allows adjustments for changing family needs.
A key feature is the extensive family coverage. Policyholders can include spouses, children, and parents. They can also cover parents-in-law, siblings, and even cousins. There is no limit to the number of family members covered. This makes it one of the widest family protection plans in Ghana.
Children are covered for 50 percent of the main policyholder's sum assured. This coverage lasts until the child turns 20. For older adults, aged 71 to 80, specific benefit limits apply. These limits reflect the risks associated with age.
The plan includes a reward for consistent payments. Policyholders receive 10 percent of premiums paid back. This happens at the end of every five-year term. This cash-back reward is given irrespective of claims made. It encourages long-term commitment to the policy.
Old Mutual Ghana has also made premium payments flexible. There is a four-month grace period for missed payments. Following this, a six-month reinstatement window is available. This gives policyholders up to 10 months to settle arrears. This reduces the chance of policies lapsing due to temporary financial issues.
The plan distinctly addresses funeral logistics. Policyholders can allocate a portion of their sum assured. This allocation is for expenses like canopy rental and chairs. It acknowledges Ghanaian funeral customs. Basic funeral services are also included as a direct benefit.
The product reinforces Old Mutual Ghana's focus. They aim to create offerings that match Ghanaian families' economic realities. They also want to honour cultural values. Interested individuals can dial *378*3# for more information or a callback.