Donewell Launches New Product (Page 29, August 28, 2010)

DONEWELL Life Company Limited has added a new product known as the Royal Funeral Policy to its range of products to correct the negative perception of funeral policies.
There is a perecption out there that when one purchases a funeral policy, then one was sighing his or her own death warrant, or that of the person insured, or that the going in for the person was expecting someone tp die.
The product which has been designed to provide funds at short notice for funeral expenses of any member covered under the policy seeks to help address the stress and expenses of organising a funeral.
The Head of Operations, Mr Edmund D. Addo said nothing could be more unexpected and could cause such drastic changes in one’s life than the sudden loss of a loved one and said the policy had been carefully designed to allow the policyholder to extend coverage to third parties.
“This is a level premium and a whole life insurance policy which provide a ‘death benefit’ coverage for the primary insured and an optional rider that allows the policyholder to extend it to the spouse, children, parents and parents-in-law”.
In the event of the death of the insured, he said the benefits could help to reduce the financial impact on the deceased’s family.
Explaining what makes it different from other funeral policies, he said the policy allowed policyholders to pay the same premium till death or to age 65.
He outlined death benefit amounts ranging from GH¢1,000 to GH¢ 10,000, part payment of benefits to defray medical expenses in case of terminal illness, cash back option which allows an additional money to be paid on the premium as an investment as some of the numerous benefits of the product.
For his part, the Managing Director, Mr Samuel Oduro said the changing world of business was what informed the introduction of the royal funeral policy.
He said most funerals were now handled by contemporary funeral contractors an act which was gradually becoming the norm of the day.
He, therefore, said the introduction of the policy was to address the expenses and hustle of organising a funeral.
Mr Addo said the premium payable would depend on the ages of the individuals being covered, the number of persons and the benefits selected which could be paid monthly, quarterly, semi-annually or annually.
He called on the public to embrace the policy of a royal funeral.