Adamas Life partners Cardinal Brokers

Adamas Life Assurance Company and Cardinal Brokers Limited, have entered into a business operational partnership, to inject robust state-of-the-art Information Communication Technology programmes, to drive the performance of the insurance industry.

The partnership is also to provide an insurance alternative based on fresh data, contemporary selling techniques, and strategies to improve results from take-off to full execution, while building a risk profile for experience rating in the Ghana insurance sector.

Speaking to newsmen after the signing ceremony in Accra, Mrs. Thelma Cynthia Odonkor, Adamas Life Managing Director, explained that life assurance had been the universal response to the quest for financial security of families.

“Life insurance offers guarantees and affords families a measure of protection against the adverse financial consequences of premature death, gives individuals a greater sense of economic security, and can help reduce worry and distress and thereby increase initiative.

“Once you have built cash value over decades, you have multiple options for accessing those funds. You can cash in the policy, convert it to an annuity for guaranteed lifetime income, keep a portion of the death benefit and access some of the cash value, or continue the policy to protect your family and leave a legacy,” she stated.

Mrs Odonkor noted that the business performance agreement between Adamas Life and Cardinal Insurance Brokers was, therefore, to inject a new sense of dynamism into the Ghanaian insurance sector.

The partnership is also to create educational opportunities for the insuring public, to understand the technicalities of the insurance sector and demystify the sector.

The Adamas Life MD explained that Ghanaians needed to understand the benefits of insurance, as it provided the means through which individuals developed the habit of saving, as many persons who might not otherwise save consistently, would nonetheless, regularly pay their life insurance premiums; “life insurance might constitute a type of quasi-compulsory savings”.

She said life insurance could also minimize the financial disruption to businesses caused by the death of key employees.

Easing the burden of government social welfare spending, whilst private life insurance could supplement, if not substitute for, benefits provided by government.

Mrs Odonkor, therefore, urged Ghanaians to develop the habit of patronizing life insurance policies.

She noted that due to the complexity of life insurance contracts, Adamas Life had instituted operational measures, in addition to stating technical elements of the policy, to ensure that policy holders understood the rate of interest, minimum term, redemption penalty, and expense rate.

The Reverend George Jordan Robertson, Chief Executive Officer of Cardinal Brokers, gave the assurance that the firm would offer strong personal insurance solutions to the insuring public.

“The Cardinal Brokers Team is here to serve you the customer; we act for you and not for the insurance company, so the focus on providing you with the best insurance solution whilst meeting your personal and business needs is our first priority.

“Our staff can suggest alternatives as well as discussing areas of coverage you may have overlooked. Complete Service with Professional Advice,” he noted.

Rev. Robertson noted that Cardinal Brokers sought to provide excellent insurance solutions for clients; “We are here to serve you and to help you make the most of your insurance budget.

“We will try to sell you the insurance solutions that will help you save money while getting complete and comprehensive cover where and when you need it.

“So whether you are looking at saving money, the best package or in fact just needing advice on your current insurance package the staff at Cardinal Brokers looks forward to servicing your needs”.

Mr Alex Anum Addo, Adamas Life General Manager in charge of Sales and Distribution, told the GNA that the company has designed a simplified mechanism for prospective customers to understand redemption values.

“At Adamas Life it is mandatory that prospective customers are provided with all relevant information,” he stated.

On the benefits of Life Assurance, Mr Anum Addo noted that beyond the familiar death benefit, life insurance has several valuable advantages that could both expand and protect one's financial security.

He noted that Life Assurance provided alternative access to cash avenue; consistent, safe accumulation of cash; asset protection; flexibility with less restriction; long-term financial security; and protected insurability.

He said once it accumulated, your life insurance cash value was accessible through policy loan or withdrawal for family and business opportunities, education funding, retirement income, emergencies, or to pay policy premiums.

“You can access your accumulated cash value without restrictions that exist on other assets.

“Life insurance can offer a financial fall-back when needed; death benefit also can provide surviving family members with funds they need to live comfortably and achieve their goals.

“Once you have built cash value over decades, you have multiple options for accessing those funds. You can cash in the policy, convert it to an annuity for guaranteed lifetime income, keep a portion of the death benefit and access some of the cash value, or continue the policy to protect your family and leave a legacy.

Mr Anum Addo noted that as long as premiums were paid, permanent life insurance provided cove