2022BFTLifeInsuranceSurvey: Quality Life Assurance Company Plc (QLAC)


…operating strategically in ten regions of Ghana

Despite the presence of more than 15 life insurance companies in Ghana QLAC   has over the years carved a niche as a strategic life assurer providing innovative services to clients around 10 major regions in Ghana.

QLAC has a total of 11 branches spread across Ghana with its head office located at Accra in the Greater Accra Region. The branches are located at Wa, Tamale, Bolgatanga, Kumasi, Sunyani, Cape Coast, Takoradi, Ho Tema, Madina and Accra Area.

Quality Life Assurance Company PLC (QLAC) was established by the Ghana Catholic Bishops’ Conference and incorporated on the 22nd October, 2007.

With the advent of the recapitalization of insurance companies, the following are the shareholders, the Ghana Catholic Bishops’ Conference, Quality Insurance Company PLS and some other individuals within the Catholic Church.

QLAC board of Directors has varied experience in Finance and insurance.

Product and Service Offerings

Some of its flagship products are as follows

Quality Investment Plan (QIP)

The product offers life (i.e. death benefit) as well as an investment fund inherent in the product design are flexibilities in premium, death benefits, interest credits, mortality and expense charges.  Additional benefit of the policy includes the following;

  • The policy allows for partial withdrawal up to 50% of the policyholder’s cash value. Withdrawals below 25% of the policyholder’s cash value attract no charges.
  • After the tenth policy year attract no surrender charges.
  • Policy loans are available after the first policy year up 80% of the policyholder’s cash value

Quality Education Plan

The purpose of the product is to provide a maturity benefit for funding tertiary education. The benefits are payable to the policyholder or to the nominated child when the policy holder dies. The policy is allowed to elect from one of three rider options namely;

  • Death premium waiver on the life of the premium payer.
  • Death and disability premium waiver on the life of the premium payer; and
  • Decreasing terms assurance.

Quality Funeral Support Plan

On the death of an assured member, QFSP ensures prompt payment of the appropriate benefit upon receipt of death certificate, medical report of death or and other document satisfactory to the Company.

Quality Smart Plan

Quality Life’s Smart Life Plan is an Endowment policy which provides the following benefits:

  1. Death benefit payable in the event of death of the insured within the term of the policy.
  2. Survival benefit payable in the event insured survives till the end of the policy term.

The plan also allows the policyholder access to a short term loan.

Fa Bi Sie

The Quality Life “Fa Bi Sie” Plan is a pure term insurance policy with a savings plan and is targeted at members of the informal sector. It is based on the traditional Susu module which is prevalent among the informal sector and allows the insured contributor to accumulate funds to meet short to medium term liquidity needs as well as have a life cover.

Wo Ba Daakye

The Quality Life “Wo Ba Daakye” Plan is a term insurance policy with a savings plan that enables parents/guardians to accumulate funds to cater for the education of their children/wards as well as provide a life cover in the event of his/her death. It is specifically designed for parents/guardians in the informal sector.

Emma No Ento Wo Ansa

In life, only one thing is absolutely inevitable-death. Yes, death is an inevitable end that will come to all of us. But, when it strikes close to us, are we prepared for the funeral expenses?

Dr Aaaron Issa Anafure is the Managing Director

He is a Chartered Insurer (UK), holds a Diploma from West African Insurance Institute (WAII), Liberia, a Fellow of West African Insurance Institute, Banjul, The Gambia. A Fellow of Insurance Institute of Ghana. A member of Chartered Institute of Marketing Ghana and a member of Institute of Directors (Ghana).

Aside his professional background, Dr. Anafure holds a Doctorate in Business Administration from Swiss Management Centre SMC, Switzerland with specialization in Management and Corporate Governance. He had his Executive Masters in Business Administration in Finance option at the University of Ghana Business School where he also pursued his Bachelor of Science in Business Administration Marketing option (BSc).

Prior to his appointment as the Chief Executive Officer of QLAC, Dr. Anafure was the former Chief Executive Officer of Ghana’s largest Life Assurance Company; SIC Life having moved from the same position in CDH Life Insurance Company Limited.

He is currently the Vice President for Association of Insurers and Reinsurers of Developing Countries (AIRDC)

How QLAC has embraced Technology

QLAC in response to meet the demands of clients has consolidated and optimized the administration of its operations

We have done this by leveraging on the technological benefits of developing apps to make premium and claims payments easier.

This has also led to speed, accuracy increased efficiency and effectiveness.

Leave a Reply