General Insurance – General Insurance provides financial security and protection for your movable & immovable assets and investments. It could be your house, vehicle, office assets, business operations, personal belongings, etc.
Types: Motor Insurance, Travel Insurance, Home Insurance, Personal Liability, Business Insurance, Property Insurance and more.

Life Insurance – Life Insurance plan(s) pays a certain amount of money (lump sum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Types: Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Funeral Plans, Short Term Guarantee Plans, Systematic Investment Plans and more.

Health Insurance – Health Insurance gives coverage for the insured’s medical or hospital expenses.
This assures that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized. Types: Individual Health Plans, Family Health Plans, Corporate or Group Health Plans, Critical Illness Plans, Preventive Health Plans and more.

Micro-insurance – Micro-insurance as the name suggests, encompasses of life, health and general insurance but offers coverage to low-income households or individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury or death. Some of these risks include agricultural insurance, insurance for theft or fire, health insurance, term life insurance, death insurance, disability insurance and insurance for natural disasters and more.

Buying an insurance policy is a serious commitment. It is a long-term investment that you need to carefully think about. It will serve as a security for you and your loved ones, which is why you should explore all the options before you finally, decide the policy that you want to buy and with which company.
Here are some of the things that you need to consider before choosing an insurance plan, hence a company:

• The reputation of the insurance company
• Compare the benefits and coverage of their policies.
• Is it the right type for your needs?
• What is the claims settlement ratio?
• Terms and Conditions of their policies.
• Policy serving and claims handling (are they prompt and efficient).
• If you are ready to explore your options, then let the experts assist you!

(Life & Health policies especially)

1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.

The ‘excess’ or ‘deductible’ on an insurance policy is the initial portion of the costs that the policyholder would have to pay in the event of an insurance claim.

An example; If a motorist had a car insurance policy that has a policy excess of 10% and files in a claim for damage to his/her vehicle amounting to GH¢10,000, he/she would have to cover the first GH¢1,000 (ie.10% of the claim amount), with the insurer covering the remaining GH¢9,000.

It is possible to opt for zero excess or buy the excess off…however; the insurer has the prerogative in accepting or even increase it depending on the risk in question.