We face uncertainties every day. In fact, risks are part of life. Simply by getting up every morning, we are at risk of illness, accidents, or even death.

A risk is any uncertainty that can have an impact on you or your family.  For example, when you take a taxi to work, you are at risk of being in an accident and ending up in hospital. The problem is that in some cases, your savings may not be enough to protect you against the financial consequences of such risks, neither do you have the guarantee of support from friends and family. Hence, the need for insurance as a safety net.

Francis Gota, CEO of microinsurance company aYo Intermediaries Ghana Limited, says insurance is essential for the protection of low-income earners and those working in the informal economy against the financial consequences of everyday risks like accidents, illness, and death. Insurance provides policyholders with an amount of money that can be used towards unforeseen expenses like hospital bills and funeral expenses should the insured event occur.

“Insurance is a tool that helps you guard against risk, and gives you and your family financial protection when you need it. You never know when or how much you will have to pay to overcome an accident or an illness. Often, the cost is so large that it goes beyond your immediate financial capacity, and that is where insurance is most helpful,” says Mr. Gota.

aYo life insurance cover enables you to receive your accumulated sum assured in the unfortunate passing of your registered family member to support funeral expenses. In the event of the policyholder’s death, payment is made to the beneficiary listed on the policy. The aYo hospital cover provides a daily hospital cash benefit to support the medical expenses of the policyholder for each night spent on admission due to general illness or accidents. Many clients use their claim pay-outs not only to pay for their hospital bills or funeral expenses, but they also use the excess money to cater for other expenses.

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When taking out insurance, it is important to understand a few basic terms, says Mr. Gota.

  • Policy. This is the agreement that sets out what is being covered by the insurer, how much you are covered for, when you can claim, and what is required from you. aYo offers digital insurance, so no physical policy document is issued as it is electronic. Customers can access their policy to view their cover balance and other details using the USSD code or the aYo online portal.
  • Premium. This is the amount that you pay to the insurance company to keep your policy active. How much you pay depends on how much cover you want. With aYo, you earn cover every time you recharge with MTN airtime after signing up until you reach your monthly premium and cover limit.
  • Claim. A request for the insurance company to pay your sum assured when the insured event occurs. With aYo, to claim your insurance benefit is very easy and stress free. No need to travel to the insurer’s office to file your claim or receive your benefit. You simply file your claim directly from your cell phone and payment is made to your mobile money account on your phone once the claim is validated and approved.
  • Beneficiary. The person that the policyholder nominates to receive the insurance benefit/sum assured when the insured event occurs.

In summary, aYo microinsurance provides you with fast, convenient, and easy to use insurance right through your phone. For more information visit https://www.ayo4u.com/gh/

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AMA GHANA is not responsible for the reportage or opinions of contributors published on the website.

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