Old Mutual Launches Black & White Family Plan to Ease Financial Burden on Bereaved Families

Press releases for Wednesday, November 25, 2020

Source: Old Mutual

2020-11-25

An accessible, simple and convenient way to celebrate the lives of the lost

One of Ghana’s innovative insurance companies, Old Mutual has launched the Black and White Family Plan, a revolutionary digital funeral policy that aims to offer a perfect solution to alleviate the financial burden felt by bereaved families.

For most Ghanaians, funeral payments are one of the biggest expenses in life. They create severe financial stress for families attempting to meet traditional obligations of providing adequate funerals.

Using the popular WhatsApp messaging app, Ghanaians can now conveniently and easily enroll in the Black and White Family Plan, designed to help families invest and protect themselves from the brunt of funeral expenses.

Commenting on the launch of the Black and White Family Plan, Rita Boateng, director of marketing and operations for Old Mutual Ghana, said:

“According to the latest annual report from the National Insurance Commission, Ghana’s insurance penetration rate is less than 2%, largely due to delays in payment of claims, complex underwriting processes, expensive premiums, among others. Black and White Family Plan has leveraged the largest messaging app (WhatsApp) to reach out and enable Ghanaians to bridge this gap in a simple, accessible and convenient way. Over the past 3 years WhatsApp has become the most active messaging app / social media platform in Ghana. By providing this product through WhatsApp, Old Mutual Ghana offers a perfect and convenient solution as Ghanaians can now invest in a funeral plan, while accessing and using their favorite app. “

“Our goal as an insurance company is to encourage families to protect themselves and their loved ones from shock in the event of death. They can now do this with their phones as they can simply say hello to 0242 426 455 on WhatsApp and follow the interactive prompts to experience the real-time convenience of insurance. This funeral coverage starts from GHS2,000.00 to GHS 20,000.00 and covers both the insured and the selected spouse, children, parents and in-laws, ”added Ms. Rita Boateng.

Black and White Family Plan was inspired by the traditional black and white fabric used during funerals to celebrate lives. Politics seeks to celebrate life in a meaningful way and provide comfort to the bereaved without barriers.

The Black and White Family Plan has low monthly premiums with a short premium payment term of fifteen years and coverage continues for the life of the insured. Payments are made within 48 hours of filing a claim after providing satisfactory proof of death.

However, premiums and coverage are guaranteed for the first 5 years of the policy. Additionally, 10% of the premiums paid in any three-year period will be reimbursed after each three-year period, provided the policy is still in force.