Old Mutual launches funeral-focused Legacy Transition Plan, offering families up to GH¢300,000 in benefits

Old Mutual Ghana has announced the launch of the Legacy Transition Plan, a next-generation insurance product that goes beyond conventional funeral cover to give Ghanaian families a structured vehicle for financial protection and legacy planning.

The new flagship product redefines funeral cover as comprehensive family financial planning, with inflation-proof benefits, extended family coverage, and no medical examination required. It is available with immediate effect and is designed to ensure that the financial burden of a loved one’s passing does not undermine the stability of the family left behind.

Unlike standard funeral policies, the Legacy Transition Plan is strategically positioned as a solution that supports customers in planning ahead, building value over time, and leaving something meaningful for their families, whiles meeting long-term financial security needs.

Benefits start from as low as GH¢20,000 and rise to a maximum of GH¢300,000. To ensure the value of the policy is not eroded by inflation over time, benefits escalate automatically at 10percent per annum, up to GH¢500,000. The plan is renewable every five years, giving policyholders the flexibility to review and adjust their coverage as their family circumstances evolve.

“At Old Mutual Ghana, we believe that planning for the inevitable is one of the most responsible gifts a parent or provider can give their family. The Legacy Transition Plan is not simply a policy, it is a financial plan that grows with your family, protects your extended circle, and ensures that when the moment comes, dignity is never compromised by cost,” Roy Punungwe, Group Chief Executive Officer at Old Mutual Ghana, said.

Covering the entire family including extended relatives

A defining feature of the Legacy Transition Plan is its inclusive approach to family coverage. Policyholders can enroll a spouse, children, parents, parents-in-law, siblings, grandparents, uncles, aunts, and cousins, any family member in whom an insurable interest can be established. There is no cap on the number of lives that can be covered, making this one of the most comprehensive family protection products in the Ghanaian insurance market.

Cover for children is set at 50percent of the main policyholder’s sum assured at inception, up to GH¢50,000, and remains in force until the child turns 20. For parents and other adult family members enrolled between the ages of 71 and 80, age-specific benefit caps apply to reflect actuarial risk while maintaining meaningful coverage for older relatives.

Cash-back reward and a generous reinstatement window

Policyholders who maintain their cover in good standing will receive a cash-back benefit equal to 10percent of all premiums paid at the end of every five-year policy term, regardless of any claims made during the period on living insured members. This reward recognizes the discipline of consistent premium payment and reinforces the product’s character as a financial planning instrument, not merely a protection product.

The plan also offers one of the most customer-friendly reinstatement provisions available: a four-month grace period during which claims can still be processed (net of missed premiums), followed by a further six-month reinstatement window. In total, policyholders have up to 10 months to regularize premium arrears, significantly reducing the risk of inadvertent lapse due to temporary financial difficulty.

Funeral logistics provision and immediate services

Uniquely, the Legacy Transition Plan allows policyholders to designate a percentage of their sum assured specifically for funeral logistics including canopy rental, chairs, water, and other operational expenses that are a standard feature of Ghanaian funeral observance.

This provision acknowledges the cultural and practical realities of bereavement in Ghana and ensures that the family is not left managing procurement at the most difficult time. Basic funeral services are also included as part of the policy benefit, providing an immediate practical resource at the point of need.

Key features at a glance

• No medical examination required – open to all eligible applicants
• Cover ranges from GH¢20,000 to GH¢300,000 at inception, with automatic 10% annual escalation up to GH¢500,000
• Unlimited family members can be enrolled, including extended relatives
• 10percent cash-back on all premiums paid at the end of every five-year term
• Five percent of sum assured ringfenced for funeral logistics at the policyholder’s election
• 10-month reinstatement window (4-month grace period plus 6-month reinstatement period)
• Renewable every five years with the option to revise terms
• No waiting period for accidental death; six-month waiting period for other adult lives; 12 months for parents and parents-in-law
• 30-day cool-off period with full premium refund if no insured event has occurred

The Legacy Transition Plan reflects Old Mutual Ghana’s commitment to products that speak directly to the financial realities and cultural values of Ghanaian families.

To find out more about the Legacy Transition Plan or to request a callback, dial *378*3# from any network. By combining inflation-proof benefit escalation, broad family inclusivity, and practical funeral support, the product is designed to serve not just as a safety net, but as a cornerstone of sound household financial planning.

Old Mutual Ghana

Old Mutual Ghana is one of Ghana’s leading financial institutions offering innovative Life insurance and Pensions solutions. Old Mutual has been consistent in championing mutually positive futures by offering excellent financial services to a wide range of customers across the African continent.

The company established its presence in Ghana in 2013. It operates with a skilled knowledge of the Ghanaian market, backed by the expertise of an international brand. In Ghana, the company is currently made up of Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust, offering a diverse portfolio of financial solutions, including Saving plans, Group Life benefits, Funeral plans, Travel insurance and Pension schemes.

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