Why insurance remains a good option for surviving these times

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By Setor QUASHIGAH

One of the most important lessons from the pandemic-struck 2020 is the need to stay safe. Alongside staying safe, the uncertainties brought about by the scourge of the virus means that protecting one’s income has also become more critical.

Mitigating risks presented by the pandemic ought to be of topmost priority for anyone mindful of their finances in these highly uncertain times. One of the best bets for mitigating risk exacerbated by the pandemic is insurance.

Often, many view insurance policies from the narrow lens of premium payments; but when assessed in the broader context, insurance guarantees financial security as well as the priceless peace of mind that is needed to navigate these uncertain times.

While there are numerous insurance products or policies out there to choose from to meet one’s needs, the importance of selecting an insurance company that has a proven track-record is non-negotiable.

Through a partnership between Standard Chartered Bank and Prudential Life Insurance, planning for life’s eventualities has been made easier. The comprehensiveness of the products available truly offers that needed peace of mind like no other.

Indeed, one of the must-have insurance policies this year is one that guarantees your children’s educational needs no matter what happens to you, the parent. This is where the Future Plus Plan policy comes in handy.

One can choose between a cover duration of between eight and 25 years, whereby they can elect to pay a chosen premium that ranges from GH¢100 to GH¢5,000. At the maturity of the policy, the holders get to enjoy their accumulated funds as well as interest.

One of the features of this policy is that should the policyholder pass away or suffer from permanent disability, the premium will be paid on their behalf by the insurance till the stipulated cover duration elapses and benefits are given out to the designated next of kin.

A superior funeral policy

Death, apart from the sorrow it brings, can also be costly if one is not financially prepared. A typical funeral policy covers the holder and other key members of the nuclear family.

The Life Secure Plan policy offered by Standard Chartered and underwritten by Prudential Life Insurance offers more flexibility. Policyholders can insure up to 14 members of the family, nuclear or extended.

In the event of any eventuality, the sum that can be paid out ranges from GH¢20,000 to GH¢50,000. And it is also worth noting that there is a money-back guarantee if there are no claims made within a specified period.

Your life matters most

It is not uncommon to see people make so many plans for the people around them while they do not take steps to have personal life insurance cover in case of any eventuality. Arguably, one of the best life insurance policies on the Ghanaian market is the Legacy Life Plan.

This policy has a minimum cover of GH¢50,000 and a free cover limit (without a medical examination) of GH¢200,000. Claims are accessible in the event of death, total permanent disability or any critical illness. One useful feature of this policy is that it offers free annual check-ups, provided the policyholder pays all his/her premiums in a policy year.

Policyholders are entitled to 100 percent cash-back at the end of the term of an active policy if they did not make claims. This is a departure from a lot of products out there, which only guarantee a certain percentage if no claims are made at the term-end of an active policy.

Standard Chartered also partners with Enterprise Insurance to ensure we get the best of general insurance cover for client’s vehicles and property. With the onset of COVID-19, Enterprise Insurance has processed and paid claims remotely without the need to visit either a Standard Chartered Branch or an Enterprise Insurance office. For convenience and peace of mind with your property, consider insuring through Standard Chartered Bank Ghana PLC

Well, 2020 is one year everyone will be in a hurry to forget. But the important lesson that unfortunate year taught us all is to take concrete steps and make plans for the unavoidable life exigencies.

You can count on Standard Chartered bancassurance products to give you a stress-free 2021.

>>>The writer is Head of Wealth Management at Standard Chartered Bank Ghana PLC

FIN

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