Tuesday, April 14, 2020

TRANSITION PLAN POLICY-OLD MUTUAL


DEALING WITH DEATH IN THE FAMILY CAN BE A TRAUMATIC TIME FOR THOSE LEFT BEHIND. IT CAN ALSO BE A FINANCIAL BURDEN ON LOVED ONES WHO HAVE TO PAY ALL THE COSTS ASSOCIATED WITH THE DEATH OF A FAMILY MEMBER.

The Transition Plan is designed to cover the funeral costs of the policy owner and immediate family. It pays a lump sum of money to meet the funeral expenses of the policy owner or selected spouse, children, parents and/or parents-in-law.

WHO IS COVERED UNDER THIS PLAN?

The following family members can be covered under the policy:
  • Main life
  • Spouse
  • Children (legally adopted children included)
  • Parents
  • Parents-in-law
Important things to note:
Names of members and their dependents that need to be covered should be specified clearly on the proposal forms. Any changes to the benefit details can only be made at the policy anniversary. Any new additional children or family members will be subjected to a waiting period.

HOW IT WORKS

  • Affordable premiums - cover for as little as GH¢8.3 per month.
  • Peace of mind - The Plan provides the bereaved family with peace of mind. They will not have to fall into debt as a result of the unexpected financial burdens generated by the funeral.
  • Prompt payout - Aims to process and pay claims within 48 hours of receipt of all required documentation.
  • Cash back – Every five years if the policy is still in force the policy holder gets back 10% of the premiums that they have paid.
  • No medical tests required.
  • Simple application process.
  • No waiting (probationary) period for accidental death.
  • The waiting period (for death due to natural causes) is 6 months for the main life/spouse and 12 months for Parents/Parents-in-law.

HOW DO I INVEST IN OLD MUTUAL TRANSITION PLAN?

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