Metropolitan Life Introduces Revised Funeral Policy

Metropolitan Life Insurance Ghana Limited

Metropolitan Life Insurance Ghana Limited has launched a funeral expense policy that seeks to enable Ghanaians provide insurance cover for all family relations.

The “Family Eternity Plus”, which provides standard as well as optional benefits, allows policy holders to cover up to 18 family members.

Holders are basically entitled to 25 per cent of benefits selected for one week celebration, guaranteed minimum of GH¢5000 and maximum of GH¢60000 as funeral benefit and a 30 per cent refund on third year premiums when claims are not made in three years, among others.

Speaking at the product launch, the Deputy Commissioner of Insurance, Michael Kofi Andoh, hinted at plans to introduce a compulsory group life insurance policy for all employees who employ a certain number of employees so as to protect workers and grow the insurance industry.

“When there is a group plan for everybody and one becomes incapacitated while working, there is some kind of support for everybody,” he said.

He also reiterated his outfit’s commitment to collaborate with National Pensions Regulatory Authority (NPRA) and Finance Ministry to build annuities market for pensioners where lump sum payments or a series of payments are made in return for regular disbursements after retirement.

“We know we have a new pension system and I think beginning next year some people will begin retiring under the new system; we know they will be getting a lump sum from tier 2 and tier 3 schemes,” he said.

The Managing Director of Cal Bank Limited, Mr. Frank Adu Jnr, said the increasing cost of burying loved ones which often reflects the value placed on the departed has made insurance policies the most sustainable way of financing funerals.

By Issah Mohammed