Enterprise Insurance Company Ghana Funeral Finance Plan
Funeral Finance Plan
The plan aims to provide immediate cash pay-out to the policyholder to cover funeral expenses of loved ones.
Our Ghanaian family values which is based on the principle of caring and respect for humanity is evident in our social lives and this underscores the need for a decent and dignified burial of our loved ones.
How does the plan Work?
The plan will only pay the lump sum if you or any member you have insured dies during the period of cover.
There is therefore no surrender or maturity value.
How much will the plan pay out?
You decide how much benefit you would like this plan to pay out.
There are six (6) different plan types with each type having five options.
You can only select one plan type and one option.
You cannot switch between plans once your application has been accepted.
The plan type and option you choose will determine your monthly premium.
Who can the plan cover?
The plan can cover the following:
- Life Assured,
- the Life Assured’s spouse
- children – (maximum of 6)
- Wider family – maximum of six (8) out of the following – parents, parents-in-law, stepparents, foster parents, Siblings, grandparents and additional spouses Definitions of which can be found in section D.16 in the terms and conditions folder. The maximum number of lives to be covered under this policy is 16.
Are there any age limitations?
Yes. These are the ages applicable at inception and vary for the different category of lives. They are as follows:
- Insured 18 – 59 years
- Spouse 18 – 59 years
- Children 0 – 21
- Extended Family 1 – 74 years
Do all the covered members enjoy the same benefits?
No. Whiles the policyholder and the spouse are covered for the full benefit of the plan type selected, parents and wider family cover is 50% of the benefit. See below:
|Family Member||Plan 1||Plan 2||Plan 3||Plan 4||Plan 5||Plan 6|
Can I increase my premiums and benefits anytime I want to do so?
No you can not increase your premium and benefit once you choose your plan.
However you have an option to increase your premium and your benefit automatically on every anniversary year when you opt for an automatic premium update.
This will be on compound basis. This option must be selected at the inception of the policy.
Are there any other benefits apart from the life cover benefit?
Yes, Ten per cent of all premiums paid becomes payable every 5 years if policy holder does not make any claim within those 5 years of the policy.
Your policy must be active during this period and all premiums should have been paid.
When the life assured dies through accident the policy will pay double the life cover.
This applies even when death occurs within the 6 months waiting period.
You will also enjoy a Family Support Benefit after the death of the life assured.
This is paid in 6 month’s instalment. There are two optional add-on benefits available.
It cannot be taken on its own on a separate application form.
a) Memorial Benefit
It provides the payment of 50% of that member’s burial cover, one year after the death of the Life Assured, or nominated family members.