Insurance companies’ activity in the sports industry in Ghana is quite limited, with the limitless potential of sports in general and football in particular underwhelmingly mined. In Ghana, partnerships between insurance companies and local football clubs is fairly new, unlike in Europe where the insurance industry is well developed, and insurance companies partner football clubs to promote the sport and also insure players and fans.
Some insurance companies in Ghana have started to show interest in our football industry by undertaking strategic partnerships with key clubs that seek to encourage players to insure themselves, their families and their fans. It is worthy to note that StarLife Assurance’s partnerships with the two most glamourous clubs, Accra Hearts of Oak and Kumasi Asante Kotoko, remain a novelty. These partnerships are the Phobia Assure and the Fabu Assure, which encourage footballers and fans of both clubs to have insurance for themselves and their families.
Fabu Assure, which was launched in November 2021, is a novel suite of life insurance policies offering protection for Kumasi Asante Kotoko supporters and their families. This partnership between StarLife and Kotoko Sporting Club also provides some good revenue for the club.
Similarly, Phobia Assure is a suite of life insurance policies offering protection for Accra Hearts of Oak supporters and their families. As with Asante Kotoko, the partnership provides revenue for the club. Phobia Assure was launched in September 2020.
Solutions of Fabu Assure and Phobia Assure Partnerships
This partnership between the two biggest clubs in Ghana is made of the following products:
- The Ultimate Protection Plus: Provides protection for the bread-winner and his/her dependants in case of the unexpected.
- Supreme Home Call Plan: A whole life funeral policy which provides insured individuals and family members with cash to enable them organise befitting burial and funeral ceremonies for their loved ones.
- Wealth Master Plus: A well-structured financial package which provides a convenient and flexible approach to the realisation of individual and family goals.
- Child Lifeline Plus: Helps clients fulfil that dream by assisting them plan financially to ensure that their child receives quality education even in the event of the guardian’s permanent disability or premature demise.
Importance of Phobia Assure and Fabu Assure Partnerships
There are many reasons why footballers and their fans need insurance coverage. Some of the most important reasons why they need insurance include but are not limited to the following:
- Protecting their assets
The worst-case scenario that every footballer worries about is getting injured while playing and being unable to continue playing. Without a regular source of income, many footballers would struggle to pay their bills and make ends meet. With a sports injury, this can happen easily, and that’s why it’s so important to have insurance coverage as a footballer or a fan.
- Helping their families
Many footballers and supporters have spouses and children who depend on them financially. In the event of a career threatening injury, they usually lose their source of livelihood over time. Since most of these footballers have no fall-backs career-wise and financially, their dreams and that of their families usually almost get buried with their profession. Support becomes dire, and it is well-documented how once wealthy famous footballers become paupers overnight because of injuries.
- Disability is covered
In the aftermath of a sporting accident, such as the May 9 incident, a permanent or temporary disability could occur. A footballer or a fan can claim financial compensation depending on their conditions. Footballers often suffer various degrees of injuries to any part of their bodies and could also result in partial mobility.
Whether you are a footballer or a fan, it is essential to plan for the future and also protect yourself against any unexpected event. One way to do this is to make sure that you have the right type of insurance coverage, such as the StarLife Fabu Assure and Phobia Assure policies.
These partnerships demonstrate StarLife’s commitment to our local football industry, and also to the financial well-being of the numerous fans of both clubs who are passionate about the game. There has never been a more important time to forge a solid partnership with clubs, footballers and fans for life.