What does life insurance cover?

Life insurance basically pays out on death. It’s intended to help to provide for your loved ones when they can no longer rely on your income. The pay-out can be used to clear any outstanding debts, such as a mortgage, or to cover everyday expenses. It can even pay for the funeral.

Should I bother with life insurance?

If you have a partner or dependants who would struggle to cope financially after your death, or if you have children, then life insurance can offer a financial lifeline.

Can I get life insurance through my employer?

Your employer might offer something called death-in-service benefit, which normally pays a lump sum of four times your annual salary if you die while still employed by the firm. It can be a valuable benefit, but you might need to take out additional cover depending on your needs.

How much life insurance do I need?

The amount of cover depends largely on your personal circumstances. For example, if you have a big mortgage and a large family, you will need more cover than someone who has a small home loan and one child.

Can older people buy life insurance?

Life insurance premiums rise with age, so older people will almost certainly pay more for cover. However, we can tailor-make a life insurance plan when you are in your 50s.

How do I pay my insurance premiums?

Premiums may be paid by cash or cheque, or through source deduction, or direct debit through banks, and by means of the Controller & Accountant-General deduction scheme available to workers on Government payroll.

How many insurance policies can i have?

You can have as many policies as you want.

How many beneficiaries can I nominate under my policy?

You can name as many beneficiaries as possible. You also have to put down the percentage share each beneficiary gets upon your demise. You must provide a trustee for beneficiaries who are below 18 years.

How long does it take to pay a claim?

Claims are paid to claimants from Accra within 72 hours. However, if a claimant walks in to our Head Office claims will be paid the same day. Claimants requests outside Accra are settled within 5 working days.