Roy Punungwe
Old Mutual Ghana has announced the launch of the Legacy Transition Plan, a next-generation insurance product that goes beyond conventional funeral cover to give Ghanaian families a structured vehicle for financial protection and legacy planning.
The new flagship product redefines funeral cover as comprehensive family financial planning, with inflation-proof benefits, extended family coverage, and no medical examination required.
Unlike standard funeral policies, the Legacy Transition Plan is strategically positioned as a solution that supports customers in planning ahead, building value over time, and leaving something meaningful for their families, whiles meeting long-term financial security needs.
Benefits start from as low as GH¢20,000 and rise to a maximum of GH¢300,000. To ensure the value of the policy is not eroded by inflation over time, benefits escalate automatically at 10percent per annum, up to GH¢500,000. The plan is renewable every five years, giving policyholders the flexibility to review and adjust their coverage as their family circumstances evolve.
“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,” said Old Mutual Ghana Group CEO, Roy Punungwe.
He said a defining feature of the Legacy Transition Plan is its inclusive approach to family coverage.
“Policyholders can enroll a spouse, children, parents, parents-in-law, siblings, grandparents, uncles, aunts, and cousins, any family member in whom an insurable interest can be established. There is no cap on the number of lives that can be covered, making this one of the most comprehensive family protection products in the Ghanaian insurance market,” he said.
He further indicated that cover for children is set at 50 percent of the main policyholder’s sum assured at inception, up to GH¢50,000, and remains in force until the child turns 20. For parents and other adult family members enrolled between the ages of 71 and 80, age-specific benefit caps apply to reflect actuarial risk while maintaining meaningful coverage for older relatives.
Also, policyholders who maintain their cover in good standing will receive a cash-back benefit equal to 10percent of all premiums paid at the end of every five-year policy term, regardless of any claims made during the period on living insured members.
This reward recognises the discipline of consistent premium payment and reinforces the product’s character as a financial planning instrument, not merely a protection product.
Uniquely, the Legacy Transition Plan allows policyholders to designate a percentage of their sum assured specifically for funeral logistics including canopy rental, chairs, water, and other operational expenses that are a standard feature of Ghanaian funeral observance.
A Business Desk Report