Life insurance penetration must be upped

A life insurance system offers sums of money, upon your demise, to reimburse your next of kin, in exchange for periodic settlements, commonly referred to as premiums. 

Notwithstanding the inevitability of death, having a life insurance policy is crucial to ensuring that your beneficiaries are well taken care of after your demise.

Many insurance companies offer life insurance, and these days, they collaborate with telcos to provide policies to people through mobile devices.

Having an insurance policy these days comes with the barest minimum requirements for signing up for one, with information, such as date of birth, beneficiaries, account number or staff identification, required.

However, to increase the penetration of insurance, engagements with all Ghanaians are needed.

The National Insurance Commission must also identify the characteristic features of the Ghanaian insurance market to increase penetration.

Ernest Baffour Awuah,
Kumasi.

E-mail: [email protected]