GuaLife | GUA LIFE FAREWELL PLAN
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GUA LIFE FAREWELL PLAN

GUA LIFE FAREWELL PLAN

The GUA farewell policy provides immediate lump sum pay-out to beneficiaries to cover the funeral expenses of their loved ones. The GUA farewell plan is an inexpensive way to take care of expenses on all fronts when you need to say farewell to your loved ones.

The GUA farewell plan will pay a lump sum benefit to the policyholder (beneficiary) upon the death of any of the insured member on the application form during the period of cover. The policy has no surrender benefit or maturity value; however, there is a no claim cash bonus of 10% in every five-year period of the total premium paid in that period.

The plan can cover the following categories of individuals

  • The policyholder
  • Their Spouse
  • Biological and non-biological children
  • Parents and parents in law
  • Selected extended family

There are age restrictions, which apply at the policy inception. The premiums rates is based on an age band. The following age bands apply currently,

  • Insured (Policyholder) 18 – 55
  • Spouse 18- 55
  • Biological and Non biological children 0 – 18 (21 if they are in school)
  • Parents and Parents in Law up to age 74
  • Selected extended family up to age 74

 

The table below shows the benefit level enjoyed by each category of membership

Category of Membership           Benefit Level

Policyholder (Principal Life) 100%

Spouse 100%

Biological and Non-biological children 25%

Parents and Parents in Law 50%

Selected extended family 50%