Old Mutual Ghana has unveiled a new insurance product, the Legacy Transition Plan, aimed at redefining funeral cover by integrating it into broader family financial planning.
The product, which offers benefits ranging from GH¢20,000 to GH¢300,000, is designed to provide financial protection while helping families plan for long-term stability in the event of bereavement.
Unlike conventional funeral policies, the plan incorporates automatic annual benefit escalation of 10 per cent, ensuring that coverage keeps pace with inflation, with a ceiling of GH¢500,000.
It is renewable every five years, allowing policyholders to review and adjust their coverage in line with changing family circumstances.
Officials say the product is structured to ease the financial burden often associated with funerals, while offering a sustainable planning tool for households.
A key feature of the policy is its expansive approach to coverage, allowing policyholders to enrol a wide range of family members, including spouses, children, parents, in-laws and extended relatives.
There is no cap on the number of lives that can be covered, making it one of the more comprehensive offerings in the local insurance market.
Children’s cover is pegged at 50 per cent of the main policyholder’s sum assured, while specific benefit limits apply to older dependants to reflect actuarial considerations.
The plan also introduces a cash-back component, offering policyholders 10 per cent of total premiums paid at the end of every five-year term, regardless of claims made.
Additionally, it provides a combined 10-month window for premium reinstatement, including a grace period during which cover remains active, reducing the risk of policy lapses.
In recognition of local cultural practices, the policy allows a portion of the insured sum to be allocated to funeral logistics, such as tents, seating and other arrangements.
It also includes basic funeral services, providing immediate assistance to families during bereavement.
Speaking on the launch, the Group Chief Executive Officer of Old Mutual Ghana, Roy Punungwe, emphasised the importance of proactive financial planning.
“At Old Mutual Ghana, we believe that planning for the inevitable is one of the most responsible gifts a parent or provider can give their family. The Legacy Transition Plan is not simply a policy, it is a financial plan that grows with your family, protects your extended circle, and ensures that when the moment comes, dignity is never compromised by cost,” he said.
The company said the new offering reflects its commitment to delivering financial solutions tailored to the realities and cultural values of Ghanaian families, positioning the plan as both a safety net and a long-term planning tool.
Source:
www.graphic.com.gh