GLICO FUNERAL

 

The GFP is designed for individuals to pay out cash to attend to the funeral of family members. The monies paid by GLICO LIFE are to help family members defray funeral-related and final medical expenses of the insured in the event of his/her premature death.

The GFP policy provides “Death Benefit” coverage for the Primary Insured. Through an optional “Family Insurance Benefit” ride -on, the policy owner can elect to extend coverage to any of his spouse, children, parents or parent-in-laws for an additional premium payment.

Whilst the policy is in-force, when a nominated person dies, all subsequent premiums due shall be put in an investment account for the primary insured.   He or she can access this at the end of every policy anniversary.

What are the minimum and maximum ages of signing on to this policy?
The minimum and maximum ages at entry for the insured and nominated family members are as follows:

Insured	Minimum age	Maximum age	Length of cover
Primary Insured	18	59	Whole life
Spouse	18	59	Whole life
Children	0	20	25 years
Parents	35	74	Whole life
Parents –in-law(s)	35	74	Whole life

How much premium am I required to pay?

The minimum premium payable annually starts from GHC 50.00 depending on the category of insured. This amount may be paid in lump sum or by regular installment as may be agreed with the insured.

What Optional Benefits do I enjoy?

optional/additional benefits on the funeral policy are as follows:

Insurance on Family: This benefit allows the policy owner to purchase insurance on any member of his/her extended family (spouse, children, parents, parent-in-laws). Each of the nominated members except the nominated child(ren) will be covered under a separate whole life insurance rider; the children will be covered under a term-to-age 25 temporary insurance rider.

Waiver of Premium on Disability:  This benefit allows the life  cover benefit on the primary insured as well as his/her nominated lives under the policy to still continue if the primary insured becomes permanently disabled before his or her 65^th birthday.

Savings Plus:  The “Savings Plus” rider allows the primary insured to accrue savings on the side through payment of additional monthly contributions (to be agreed at the inception of policy) whilst the policy is in force.  The Savings Plus account will be credited with a rate of interest not less than 5% per annum.  The Savings Plus account is accessible to the primary insured only at the end of every policy anniversary.

Term Conversions: The insurance on the primary insured as well as on a nominated life is convertible to a separate Universal Life policy during the term of the insurance. However, this arrangement does not go beyond the age of 65 of the person covered under the insurance.

How do I sign on?

Fill in the “get a quote” form now to start the process of enjoying a funeral policy today. We will contact you as soon we receive your submission, thank you.