Where the policy owner dies through accident, the policy will pay double the main funeral benefit subject to a maximum of Gh₵120,000, first-ever on the Ghanaian market.
Interestingly, in the event of death, 25percent of your funeral benefit—Gh₵15,000 is paid for the one week celebration expenses not deducted from the main funeral benefit.
This and many other goodies for grabs can be found in the newly revised funeral expense finance solution ‘Family Eternity Plus’ outdoored by the Metropolitan Life Insurance Ghana Limited on Tuesday in Accra.
Managing Director of Metropolitan Ghana, Tawiah Ben-Ahmed
The policy provides minimum funeral benefit of Gh₵5000 and maximum of benefit of Gh₵60,000 to the policyholder and spouse and up to Gh₵30,000 for family members insured without asking for medical examination report.
The funeral solution also pays 25percent of the main funeral benefits in the event of permanent total disability of the policy owner or insured spouse as part of the standard benefits. Aside from that, all future premiums will be waived and the policy will continue to be active.
Additionally, when no claim is made in any period of 3years, 30percent of third year premium is refunded to the policy owner with the option to invest it in a savings account attached to the product.
Speaking at the short ceremony, the Managing Director of Cal Bank, Mr. Frank Adu Jnr said the most sustainable way to finance funerals of our beloved ones is to take the appropriate life insurance policy, which will guarantee a pay-out in the event of the passing of loved ones, to enable people organized a befitting funeral.
He noted that the Family Eternity Plus is the most suitable funeral finance plan available in Ghana with fascinating benefits that are untapped.
According to him, the main life insured and spouse cover of Gh₵60,000 is the highest on the market. “The product is truly Ghanaian, and I dare say, it would be the turning point that enables us come out of the days of cold where people wondered how to access an adequate funeral finance plan for their loved ones.”
The Deputy Commissioner of the National Insurance Commission (NIC), Kofi Andoh noted that the Family Eternity Plus is a unique product for every life—something that has not been adequately provided for in the Ghanaian market.
He urges the company to treat customers fairly, honestly and transparent in order to build trust in the sector. “At the point of sales, let’s be transparent and sincere to our clients on what they are entitled to and not entitled to in order to repair the broken trust in the insurance sector.”
He added that the Commission is set to introduce non-life products such as compulsory group life for all employees which are aimed at providing a cover for every living soul against the unforeseen future.
Mr. Andoh stressed that his outfit is working with the NPRA and Ministry of Finance to build a strong annuities market target at public officers due for retirement.
This, he indicated, the Commission has outlined requirements for insurers to fulfill before it can sell out annuities—all in an effort to build and grow the market infrastructure.
The Managing Director of Metropolitan Ghana, Tawiah Ben-Ahmed indicated that the solution enables clients to finance a very important unforeseen expenses— an expense they have no clue when it will occur.
He said the Family Eternity Plus which does not cease once the applicable premiums are paid at the due dates provides families lifetime funeral insurance cover.
According to him, the revised funeral product will contribute to improving confidence in insurance and increase the low insurance penetration in the country.
“Our vision is to be the preferred lifetime financial wellness partner with a reputation for innovation and trustworthiness,” he concluded.