Services – Qlife

Emma No Ento Wo Ansa1

adminQlife102022 — Fri, 21 Oct 2022 14:31:43 +0000

The Quality Life “Emma No Ento Wo Ansa” Plan is a term life insurance policy with a Savings Plan (i.e.Susu Fund) geared towards providing level death benefits for individuals within the informal sector. It provides funds to help defray funeral-related expenses for members within the informal market.

The base policy covers the primary insured and automatically covers three children aged up to 18 years. The policyholder has the option of nominating additional lives to be covered under the policy including his/her spouse and up to a maximum of four parents/parents-in-law. The maximum number of insured lives per policy is nine lives.

Quality Mortgage Protection Plan

adminQlife102022 — Sun, 01 Nov 2020 15:05:44 +0000

Mortgage protection insurance is an insurance policy that pays the scheduled outstanding loan balance to the mortgagee (financial institution) in the event of death of the mortgagor during the loan repayment period.

Do I need mortgage protection?

Buying a house is one of the biggest financial decisions you’ll make. When thinking about taking out mortgage protection, consider:

Your family and what would happen to your home if something bad happened to you. With insurance, they could pay off the rest of the mortgage and keep the house.
Some mortgage providers will recommend you take out mortgage protection insurance
Should you become ill and not be able to work, would you struggle to pay off your mortgage repayments?

Quality Group Welfare Plan

adminQlife102022 — Thu, 22 Oct 2020 10:52:43 +0000

Quality Group Welfare Plan

This is a group policy which pays the total contribution made plus the interest thereon at the end of the policy term or when a member decides to opt out of the policy.

In the event of death of a member, the policy will pay the total contribution made

by the deceased plus the interest thereon in addition to the life cover (death benefit) to the nominated beneficiary(ies). It is designed for groups of people such as employee – employer group, churches, institutions, associations etc.

Quality Group Schooling Plan

adminQlife102022 — Thu, 22 Oct 2020 10:46:09 +0000

Group Schooling Coverage

This is tailor-made scheme designed to assist schools with the management of their welfare needs. This group scheme provides financial peace of mind to management in the event of death of pupils, staff, parents as well as accidental medical for pupils. It is the cheapest form of life assurance policy for schools in the Ghanaian insurance market.

Fa Bi Sie

adminQlife102022 — Sun, 18 Oct 2020 20:54:26 +0000

The Quality Life “Fa Bi Sie” Plan

The Quality Life “Fa Bi Sie” Plan is a pure term insurance policy with a savings (i.e. Susu Fund) plan and is targeted at members of the informal sector. It is based on the traditional Susu module which is prevalent among the informal sector and allows the insured contributor to accumulate funds to meet short to medium term liquidity needs as well as have a life cover.

The Sum Assured per policy is fixed at GH¢1000.00. Death benefits are payable in the event of death of the insured while the policy is in force.

The policy has options to choose both the term of the policy subject to a minimum of 1 year and a maximum of 5 years and the amount he/she will like to contribute to the policy daily, subject to a minimum of GH¢5.00

Upon maturity of the policy. the policyholder has the option to renew the policy for further terms, subject to good health, but not beyond the insured’s age of 72 years

Wo Ba Daakye

adminQlife102022 — Sun, 18 Oct 2020 20:49:01 +0000

Wa Ba Daakye

The Quality Life “Wo Ba Daakye” Plan is a term insurance policy with a savings (i.e. Education Fund) plan and is targeted at members (i.e. parents/guardians) of the informal sector. It is based on the traditional Susu module which is prevalent among the informal sector and allows the insured parent/guardian to accumulate funds to meet short to medium term liquidity needs of the education of his/her children/wards as well as a life cover in the event of his/her death.

The Sum Assured per policy is fixed at GH¢2,000.00 and covers only the insured’s parent /guardian. Death benefits are payable in the event of death of the insured while the policy is in force.

The policyholder has the options to choose a minimum of one child /ward to a maximum of 5 children/ward under the policy. The children’s lives are not insured or covered under this policy.

The policy has a fixed term of three years with the option upon maturity for further

The policy has a fixed term of three years with the option to renew the policy upon maturity for further three –year term periods, subject to good health, but not beyond age 70 of the insured.

Emma No Ento Wo Ansa

adminQlife102022 — Sun, 18 Oct 2020 20:45:41 +0000

Quality Investment Plan

adminQlife102022 — Wed, 04 Mar 2020 16:29:39 +0000

Quality Investment Plan

This is the first universal life product introduced by the Company to the Ghanaian market in the early 2003. The product offers life (i.e. death benefit) as well as an investment fund. (i.e. the account value) inherent in the product design are flexibilities in premium, death benefits, interest credits, mortality and expense charges

Guaranteed interest rate of 5%

Benefits

This product enables the insured to accumulate substantial funds towards retirement through consistent, regular periodic contributions.

The periodic premiums, together with interest, develop into an Account Value representing the insured’s equity in the policy; the insured obtains the Cash Value equal to the Account Value less the applicable surrender penalty upon surrendering the policy.

Flexibility

The policy holder is given access to the funds in the policy through loans, withdrawals or surrenders after the first policy year.

The policy allows for partial withdrawal up to 50% of the policyholder’s cash value. Withdrawals below 25% of the policyholder’s cash value attract no charges.
After the tenth policy year attract no surrender charges.
Policy loans are available after the first policy year up 80% of the policyholder’s cash value.

Quality Education Plan

adminQlife102022 — Wed, 04 Mar 2020 16:29:25 +0000

The underlying product features are quite similar to that of Quality Investment Plan. The education plan is a universal life product under which guaranteed monthly contributions will be payable for a specific term selected at the outset of the policy. The policy develops Investment Account and Cash Values through periodic contributions. The purpose of the product is to provide a maturity benefit for funding tertiary education. The benefits are payable to the policyholder or to the nominated child when the policy holder dies. The policy is allowed to elect from one of three rider options namely;

Death premium waiver on the life of the premium payer.

Death and disability premium waiver on the life of the premium payer; and

Decreasing terms assurance.

I. Death benefits equal to future premiums will be paid by the company following the death of the premium payer, if death premium waiver is elected.

II. Death benefits equal to future premium will be paid by the company following the death or disability of the premium payer, if death and disability premium waiver is elected.

III. A decreasing death benefit plus the Investment Account shall be paid on the death of the premium payer, if the decreasing term insurance rider is elected.

IV. The Investment Account is paid on the death of the child or at maturity of the policy.

Quality Funeral Support Plan

adminQlife102022 — Wed, 04 Mar 2020 16:29:17 +0000

In life, only one thing is absolutely inevitable – DEATH. Yes, death is an inevitable end that will come to us all when it should come. But, when it strikes close to us, are we prepared for the funeral expenses?

This Policy pays the death benefit (life cover) to the nominated beneficiary of the deceased in the event of death of the policy holder. It also pays the death benefit (life cover) of other nuclear family members who are covered under the policy.

When do we pay claims?

Proof of Death

On the death of an assured member, the QFSP ensures prompt payment of the appropriate benefit upon receipt of death certificate, medical Report of Death or and other document satisfactory to the Company.

What do we do at QLAC ?

We offer more than sympathy on the death of a loved one…The quality Funeral Support Plan (QFSP) is a guaranteed death benefit that ensures PROMPT PAYMENT of claims to beneficiaries the most convenient way to cover your funeral expenses.

Peace of Mind

You have a choice. You can ensure that funeral expenses do not become a burden on the death of a loved one. The QFSP ensures that you have ready death benefits that cover your: Spouse – Children – Parents and Parents-In-Law.

Waiting Period

The Waiting Period (six months) for all lives.

Death benefit is only payable within the waiting period if and only if death resulted from an accident.

Premiums & Claims Payment

Premiums are paid either monthly, quarterly, semi-annually or annually. No claims will be paid when the Policy is not in force or premiums are in arrears.

Age Limit

The QFSP has age limitations for lives covered. Any life assured must not be over:
60 years for the primary member/spouse
29 years old for unmarried children
75 years old for the parents and parents-in-law

Premium Affordability

Our premium for the QFSP is very affordable compared to the other similar funeral policies on the market.