Old Mutual Ghana has introduced the Legacy Transition Plan, a new insurance product that offers Ghanaian families funeral cover of up to GH¢300,000, with built-in inflation protection and unlimited family enrollment, available immediately and with no medical examination required.
The product moves well beyond the conventional funeral policy structure. Rather than a one-off payout, it is designed as a long-term financial planning instrument that grows in value, rewards premium discipline, and addresses the practical and cultural realities of bereavement in Ghana.
Cover starts from GH¢20,000 and tops out at GH¢300,000 at inception, with automatic annual escalation of 10 percent, allowing the benefit ceiling to reach GH¢500,000 over time. The plan renews every five years, giving policyholders the option to revise terms as their family circumstances evolve.
Roy Punungwe, Group Chief Executive Officer (CEO) at Old Mutual Ghana, framed the product as a generational responsibility. “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.
A Wide Family Circle
A standout feature of the plan is the breadth of who qualifies for coverage. Policyholders can enroll spouses, children, parents, parents-in-law, siblings, grandparents, uncles, aunts, and cousins. There is no cap on the number of lives that can be added, provided an insurable interest exists. Children’s cover is set at 50 percent of the policyholder’s sum assured, up to GH¢50,000, and holds until the child reaches age 20. Age-specific benefit limits apply to relatives enrolled between ages 71 and 80.
Cashback and Practical Funeral Support
Policyholders in good standing receive a cashback equal to 10 percent of all premiums paid at the end of every five-year policy term, regardless of any claims processed during that period on living insured members.
Five percent of the sum assured can also be specifically designated for funeral logistics, including canopy rental, chairs, water, and other standard expenses of Ghanaian funeral observances. Basic funeral services are included as part of the core policy benefit.
On lapsed premiums, the plan provides a four-month grace period during which claims remain processable net of arrears, followed by a further six-month reinstatement window, giving policyholders up to 10 months in total to regularize accounts. A 30-day cooling-off period with a full premium refund is available, provided no insured event has occurred during that time.
No waiting period applies for accidental death. A six-month waiting period covers other adult lives, while parents and parents-in-law are subject to a 12-month waiting period.
Old Mutual Ghana was established in 2013 and operates through Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust, offering life insurance, savings plans, pension schemes, group life benefits, and travel insurance. To enroll or request a callback, dial *378*3# from any network.
