Ghana’s insurance industry is increasingly pivoting toward products that merge protection with long-term financial planning, as Old Mutual Ghana introduces a new solution aimed at transforming funeral cover into a broader household financial strategy.
The company’s newly launched Legacy Transition Plan is being positioned as a next-generation offering that extends beyond traditional funeral policies to support wealth preservation, family security, and intergenerational planning.
Reframing Funeral Cover as Financial Planning
At its core, the product seeks to change how Ghanaians perceive funeral insurance. Rather than a one-time payout to cover burial expenses, it is structured as a financial tool that builds value over time while extending protection to a wider family network.
“Planning for the inevitable is one of the most responsible gifts a parent or provider can give,” said Roy Punungwe, Group Chief Executive Officer, adding that the plan is designed to ensure that “dignity is never compromised by cost.”
The policy offers cover starting from GH¢20,000 up to GH¢300,000, with automatic annual increases of 10 percent, capped at GH¢500,000, helping policyholders maintain real value against inflation.
Expanding Coverage Beyond the Nuclear Family
A key differentiator is its inclusive structure. Unlike standard policies that focus on immediate family, the Legacy Transition Plan allows policyholders to cover a broad range of relatives, including parents, in-laws, siblings, grandparents, and extended family members.
There is no limit to the number of individuals who can be enrolled, positioning the product among the most comprehensive family-oriented insurance solutions in the local market.
Children are covered at 50 percent of the main policyholder’s sum assured, while older dependents between ages 71 and 80 are accommodated within defined benefit thresholds that reflect actuarial considerations.
Incentives, Discipline and Flexibility
The plan incorporates a savings dimension through a 10 percent cash-back reward on total premiums paid at the end of every five-year cycle, regardless of claims made. This reinforces its positioning as a financial planning instrument rather than a purely risk-based product.
Flexibility is further enhanced by a customer-friendly reinstatement structure. Policyholders benefit from a four-month grace period during which claims remain valid, followed by an additional six-month reinstatement window, providing up to 10 months to regularize payments without forfeiting cover.
Designed Around Ghana’s Cultural Realities
Acknowledging the central role funerals play in Ghanaian society, the product includes a feature that allows a portion of the sum assured to be allocated to funeral logistics such as canopies, chairs, and water.
Basic funeral services are also embedded, offering immediate operational support at the point of need and easing the logistical burden on families during bereavement.
Market Strategy and Industry Context
The Legacy Transition Plan reflects a broader evolution within Ghana’s financial services sector toward hybrid products that integrate insurance, savings, and long-term planning.
By removing medical examination requirements and offering renewable terms every five years, the product lowers barriers to entry while allowing customers to adjust coverage as their needs change.
For Old Mutual, which has operated in Ghana since 2013 through its life assurance and pensions businesses, the launch signals a strategic effort to deepen market reach by aligning offerings with both economic realities and cultural expectations.
Strengthening Household Financial Resilience
In a context where funeral expenses are often managed through informal support systems, structured solutions like the Legacy Transition Plan point to a gradual shift toward formal financial protection.
By combining inflation-adjusted benefits, extensive family coverage, and practical service delivery, the product is positioned as more than an insurance policy. It becomes a tool for long-term household stability.
As competition intensifies in the sector, the success of such offerings will likely depend on how effectively they bridge the gap between financial planning and everyday realities, where risk, culture, and family obligations intersect.
