[ 2016-10-29 ]

Life Insurance To Become Compulsory
Lena Adu-Kofi, Executive Member of Ghana Insurance
Brokers Association, says steps are being taken to
make life insurance compulsory in Ghana.

This, she said, is to ensure that people are
insured in the country irrespective of their
employment status.

Ms Adu-Kofi, who revealed this to BUSINESS GUIDE,
said “we are going to make life insurance
compulsory, and not only for public workers but
industry workers and professional bodies.”

She said a proposal has been sent to the National
Insurance Commission (NIC), which is expected to
be incorporated into the revised insurance law
before it is presented to Parliament for
consideration and subsequent passage.

“If we do not make this compulsory, many
employers out there would not care about their
workers. We will also make sure that there are
penalties for those who flout the law,” Ms
Adu-Kofi said.

She said Ghana is trying to emulate the Nigeria
example, explaining that in Nigeria if four people
work for an employer, that employer has the
obligation to provide life insurance for them.

“Over here what we are seeking to do is even
more comprehensive. We want to expand the workman
compensation law,” she added.

However, she said there are some limitations in
the current insurance law.

“We want to ensure that there is a law that
ensure that here is 24/7 compulsory life insurance
cover for everybody. Some of the benefit will be
that people who will contract deadly diseases will
also benefit from insurance,” Ms Adu-Kofi said.

Insurance Brokers Services

She urged Ghanaians to engage the services of
insurance brokers to ensure prompt payment of
claims, adding that the services of the insurance
broker are free.

Insurance brokers assist the clients to purchase
the right policy at the right premium from the
right company, assist the clients to get genuine
claims promptly and assist the clients to
negotiate terms upon renewal of policies, he
declared.

Source - Daily Guide

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