1. FUNERAL FINANCE
PLAN

3. REALITIES
Death is by appointment and not ELECTION . It means you don’t have a say when it is your time.  
And as it is appointed unto men once to die, but after this the judgment:
Hebrews 9:27

4. Watch these horrors of life
DEATH IS INEVITABLE
Watch these horrors of life

10. What conveys us, is the very thing destroying us.
But can you afford not to be conveyed?

12. Now Ask Yourself? If a love one dies,
Do I have any plan to take care of the funeral Expenses.
Where am I going to get the resources for the funeral?
Whose help do I rely on? Ent. Life!!!!

13. NOW THE SOLUTION
The Funeral Finance Plan (FFP)

14. Lets learn more
about this
Special Policy

15. Benefit Description Who can be covered? Life Assured,
the Life Assured’s spouse,
children,
parents, parents-in-law
extended family members (stepparents, foster parents, Siblings, grandparents and additional spouses)..

16. Benefit Description
There is however a limit on the number of people that can be covered in the various categories.
The maximum number of people allowed in the various categories are shown in the table below

17. Cover percentages for various lives are:
Benefit Description
Cover percentages for various lives are:
Member
Cover Level
Main life
100%
Spouse
Children
50%
Parents
Extended family

18. Burial Benefits Table Life assured Spouse and additional spouse
Life assured
Spouse and additional spouse
Children
Parents
Parents-in-law
Extended family members
Basic
1,800
900
Standard
2,400
1,200
Prime
3,000
1,500
Extra
3,600
Platinum
4,200
2,100
Exclusive
5,000
2,500

19. Waiting Period
There is a 6 month waiting period on the policy during which no benefits will be paid on the cause of natural death of the policyholder or any of other nominated life assured under the policy.
Life Assured
6 months waiting period
Spouse
Children
Extended family
6 months waiting period from inception
12 months waiting period if not added from inception

20. MISSTATEMENT OF AGE
If the age of any of the Life Assured is incorrect any benefit that becomes payable will be recalculated. This condition is not applicable to ages outside ‘entry age’ limits. Benefits payable would be repudiated if actual age of any life assured is outside the ‘entry age” limit.
The amount payable on the death of the life Assured of the person covered by the policy will be initial burial cover selected plus all cover increases as a result of the automatic premium update facility where applicable.

21. Benefit Description 10% Cash back
This benefit pays out 10% of the total premiums paid on the policy. It is payable for every five years under the policy if there has been no claim on the policy during the five year period under consideration, and if the policy is still in force.
This cash benefit is exclusive of the policy fee of GH¢0.50.

22. Benefit Description Accidental Benefit (Double Sum Assured)
Where the main life / policy holder dies through an accident, the policy will pay out twice the sum assured to his or her beneficiaries.
This should be applicable even where the accidental death is within the six months waiting period.

23. Benefit Description Family Support Benefit Payment (FSBP)
At the death of the policy holder the policy will also pay out, on instalment basis, 5% of the sum assured for a maximum period of 6 months to the beneficiary.
ELAC will link this FSBP to benefit of kind (gift vouchers for grocery, etc.) and not cash payment. Where the beneficiary wants the 6 months benefit paid in cash in advance, rather than the benefit in kind spread over the 6 months, a reduced amount of 70% of the total amount will be paid

24. Optional Add On Benefits
Cash Bonus
This purely investment portfolio attached to the funeral benefit, a structured, disciplined way to save, at a good return.
The minimum premium is GH 5 whiles the maximum premium is GH10.
Policyholder can withdraw from the fund after the 1st year and maximum allowable withdrawal amount is 50%
Full withdrawal can be made after 3 years and when this occurs, premium payments into the fund can continue. However the policyholder has the option to stop the contribution into the fund after such full withdrawals.
On the death of the Principal Life Assured, the amount of the Cash Bonus benefit as at the date of death will become payable.

25. Optional Add On Benefits
Memorial Benefit
This provides the payment of 50% of the member’s burial cover, one year after the death of the Life covered. . Monthly premiums must continue to be paid from the date of death
If the policy is terminated before any Memorial Benefit is due, and if the overall premium has been maintained in full, a reduced amount as determined by the company actuary will be payable.
The benefit amount payable will be initial memorial cover plus all cover increases as a result of the automatic premium update facility.

26. Memorial Benefit table
Life assured
Spouse and additional spouse
Children
Parents
Parents-in-law
Extended family members
Plan 1
900
450
Plan 2
1,200
600
Plan 3
1,500
750
Plan 4
1,800
Plan 5
2,100
1,050
Plan 6
2,500
1,250

27. Special Benefits
a )CLAIMS FOR STILLBIRTHS
Children are automatically covered from the 28th week of pregnancy if a child is stillborn. An amount equal to 50% of the child’s cover, for the plan selected, will be paid. This will only be paid out if the Life Assured has no other children; or in the case where there are other children; only if those children are covered.

28. AUTOMATIC PREMIUM UPDATE
The inclusion of this benefit in your plan will depend on the selection you made on your application. Where they have been selected or included, automatically they will be reflected on your Schedule of benefits. This benefit cannot be added on after the inception of the policy.
AUTOMATIC PREMIUM UPDATE
BENEFIT UPDATE
0.00%
5.00%
3.75%
10.00%
7.50%
15.00%
11.25%
20.00%
25.00%
18.75%
30.00%
22.50%

29. Claims Basis
In the event of the death of the policyholder, the Sum Assured as specified in the schedule is paid upon submission of required documents:
Death Certificate
Policy Document
Birth certificate or passport of Beneficiary
Birth certificate or passport of Deceased
A completed claim form
A medical report may be required.
For Accidental Death a Police Report is also required.
Terms and conditions in relation to claims payment will be applied.

30. AUTOMATIC PREMIUM UPDATE
When the policy reaches an anniversary date, the premium, excluding the policy fee, will be increased by the percentage selected by the policyholder at the inception of the policy. For each year that the premium is increased as a result of the update facility, the cover will also increase. Where the family burial benefit is applicable the cover of all lives assured will be increased by the applicable benefit update rate as specified below. This will be applied to the benefit payable and its calculation is compounded. Premium increases (update) may be cancelled by the writing to the company.

31. General Information Risk Date
Cover for Life Assurance will start a day after acceptance of policy subject to payment of premiums. Where premium payments have started later and after the initial six months of acceptance notification, the life assurance cover will commence on the first of the month following receipt of the first premium and this will be subject to further six months waiting period.

32. Now that we know the various benefits of the policy
Now that we know the various benefits of the policy. We need to understand the feature ( terms and condition) because a breach of any of these may prevent you from enjoying any of the benefits discussed above.

33. NUMBER OF LIVES AND AGES AT ENTRY
MEMBER
MAXIMUM NUMBER
MINIMUM AGE
MAXIMUM AGE
Main Life 1 18 59
Spouse
Children 6 21
Parents 2 31 74
Parents-in-law
Extended family - Choose a maximum of 4 lives
Step parents
Biological Grandparents 4 44
Siblings
Additional spouse
Guardian 16
Total family members permitted

34. Cont.
The policy holder must choose the lives to be covered on this policy from the table above.
A life cover for a child will fall off when the child attains 21 years. The child’s portion of the premium will be converted into a cash bonus.

35. Premium Payments
Unless otherwise stated in the policy, premiums are payable to Enterprise Life monthly in advance on or before the first day of each calendar month until:
Enterprise Life admits a death or waiver claim on the Principal Life Assured; or the policy is cancelled.
The policy will become inactive if premiums are not paid within 30 days after they are due. Enterprise Life may allow the policy to be put back into force within three years of the lapse if all missed premiums are paid with a submission of satisfactory evidence of health. The policy will be cancelled if no premium is received within six months of the original start date and all benefits will be forfeited.

36. Premium Payments
When the policy is cancelled as a result of non-payment of premiums (after policy lapse) the policy holder will lose all benefits on the policy. However, the policyholder can reinstate the policy by paying the outstanding premiums but is subject to the waiting periods indicated below.
Reinstatement within One (1) Year of Lapse
6 Months Waiting Period
Reinstatement after One (1) Year of Lapse
12 Months Waiting Period

37. Lapse Rule
Enterprise Life Assurance Company may allow the policy to be put back into force within three calendar years of the lapse if all missed premiums plus interest are paid.
The policy will then be subjected to a 12 months waiting period.
Enterprise Life Assurance Company will not allow the policy to be reinstated or put back in force when it lapses beyond reinstatement. That is after three calendar years of the lapse.

38. MATURITY AND SURRENDER VALUES
The policy has no maturity benefit and surrender value.
Cancellation of the policy leads to the loss of benefits and all premiums paid. Cancelation request should be made in writing to Enterprise Life.

39. Amendments ELAC must be advised in writing of any;
Change of nominated lives assured or,
Any additional relative of the principal life assured to be added.
Deletion of a nominated life.
This also applies to the appointment and change of a trustee.

40. NOTIFICATION
Any death claim not notified to enterprise life in writing within one year of the death of any assured life shall be void and not valid .the condition will also apply to additional documents deemed necessary to the assessment of the risk by enterprise life before a claim can be finalized.

41. Residence and Travel
No restrictions apply as far as travel or occupation is concerned.
However at the time of taking out the policy all Lives Assured must be resident in the Republic of Ghana.
No life cover benefits will be paid for any policyholder who is a permanent resident in a foreign country.
This provision may be waived at the sole discretion of ELAC.

42. Exclusions
ELAC will not recognize any claim occasioned or accelerated by any of the following causes:
Suicide, attempted suicide or any self-inflicted injury whether the policyholder is sane or insane within 2 years of the policy.
Any act committed by the policyholder which constitutes a violation of criminal law.

43. Exclusions
Excessive use of alcohol, wilful inhalation of gas, wilful exposure to radioactivity or the wilful taking of poison or drugs (except as prescribed by a medical practitioner).
Any act of war, military action, terrorist activities (whether war be declared or not), riots, strikes, civil commotion or insurrection, in all cases whether as an active participant or not.

44. Exclusions
Active participation in mountaineering, horse riding, hunting, any speed contest other than a speed contest on foot or fighting (except in self-defence);
Participation in any form of aviation other than as a fare-paying passenger on a scheduled air service over an established passenger route.

45. TRUSTEE
The Principal Life Assured may by notifying the Company in writing, appoint, change or cancel the appointment of a trustee at any time. Trustees receive the proceeds of the policy in respect of a claim arising from the death of the Principal Life Assured under the policy.
The appointment of a new trustee will automatically cancel the prior appointment of a trustee. The appointment of a trustee will lapse if his or her death occurs before that of the Principal Life Assured. If the Principal Life Assure fails after such lapsing or after the cancellation of the appointment of a trustee to appoint a new trustee, the proceeds of the policy will be payable to the estate of the Principal Life Assured. No provision in any Will and Last Testament executed by the Principal Life Assured will have the effect of cancelling the appointment of a trustee.
The trustee can exercise rights to this policy only when the life assured is dead.

46. CANCELLATION
The policyholder can cancel the policy at any time by giving written notice to the Enterprise Life.

47. COMMUNICATION
Policyholder may only regard communications with Enterprise Life as received if sent by post, by SMS, through s or acknowledged in writing by Enterprise Life.

48. Definitions Accidental Death:
bodily injury caused solely and directly by violent, external, accidental and visible means and that such injury was the sole cause of death” all other causes of death relating to illness, disease or the ageing process, shall be deemed to be caused by natural causes.
Parents:
biological parents of the principal life assured and the biological parents of the spouse.
Step Parent
means the spouse of the biological parent of the Principal Life Assured whose marriage is recognised in accordance with some law or custom and who cohabits with the parent of the Principal Life Assured.
Foster Parent
– means an adult guardian to whom the Principal Life Assured has been effectively entrusted.

49. Definitions
Spouse :
person to whom the principal life assured is legally married or with whom the principal life assured has an agreement recognized as a marriage in accordance with some law or custom and who cohabits with the principal life assured as if married.
ELAC must be advised in writing of any change of nominated
Spouse.
Siblings
means a child from one or both parents of the Principal Life Assured.

50. Definitions
Child – means one of the children of the Principal Life Assured and/or nominated spouse (including an adopted child, or a step-child who is unmarried and under the age of 21). The company must be advised in writing of a birth or adoption of an additional child of the Principal Life Assured.
Spouse – means the person to whom the Principal Life Assured is legally married or with whom the Principal Life Assured has an agreement recognised as a marriage in accordance with some law or custom and who cohabits with Principal Life Assured as if married. The company must be advised in writing of any change of nominated spouse.  
Grandparent – means the biological parents of the Principal life assured’s biological parent. 
Trustee - a person named by the Policyholder to administer the policy in the event of the death of the policyholder. The trustee is not a beneficiary but in the event of death, claims notification and payment is administered by the Trustee.
Age at inception – the age of any life assured at the time the policy is accepted and issued.

51. THANK YOU