First Insurance Company Limited

First Insurance Company Limited

Mission Statement

Our mission is to help middle income families become adequately protected and financially independent when death occurs to the breadwinner.

Our Values


  • We are passionate about providing quality services that create Stakeholder Confidence and Trust.
  • We take ownership of our personal growth and continuous improvement.
First Insurance


  • We explore innovative ways to deliver Superior Client Experience.
  • We stay close and connected to our Stakeholders by inspiring loyalty.


  • We develop Business Opportunities that Empower People for Success.
  • We create an enabling environment which encourage our teams to Learn and Stretch themselves.

Education Policy

First Insurance Company’s Education Policy is a Term Insurance Product specially designed to give assurance of tertiary education for your child or ward. Thus upon the demise of a parent, there is security for the child or ward as their tertiary education is guaranteed.

This policy allows the policy holder (parent) to invest regular amounts of money separately into the child’s Mutual Fund Account held with an investment company for the child’s tertiary education. Upon the demise of a parent, the sum assured is paid into the Mutual Fund Account set up for the child or ward to enable the invested fund to optimize returns to fulfill the parents dreams.

This policy provides parents the opportunity to deliver on their promise to their child or ward even in the event that death does not occur.

Buy Term & Invest In Mutual Funds

The “Buy Term & Invest in Mutual Funds” Policy is a Term Insurance Product that ensures the replacement of the breadwinner’s income in the event of premature death within the policy period.

This is a family centered product designed to offer adequate protection and peace of mind at an affordable price. This product also provides families with a unique opportunity to have a separate investment with an investment company aimed at a comfortable retirement.

This underpins our philosophy that during the early years of one’s life, there is the need for adequate insurance protection, because when death occurs, any investment the deceased may have could be inadequate to provide financial support to the dependents. It is therefore very essential for one to have life insurance with large sum assured at an affordable price to adequately protect the family when the untimely death occurs.


The TERM LIFE PLAN is income protection policy which is designed for the middle income such us IT and provides a comprehensive range of benefits for:

  1. i)  Beneficiaries of any member who will die in while the policy is in force;
  2. ii) Any member becoming Total and permanently disabled.

iii)  Any member diagnosed for Critical illness as defined hereinafter.

  1. 15% loyalty bonus every 5 years when no claims has been made. ( THIS WILL BE INVESTED IN A MUTUAL FIND )
  2. Money back guaranteed in two years if we fail to serve you well.

The policy provides a 24-hour protection for all members as long as it is in force.

The policy pays 100% of the Sum assured upon Death or Total and Permanent Disability of any member whilst the policy is in force.


Total and Permanent Disability (TPD) refers to medically certified total disability as a result of sickness or injury which is irremediable or incurable by any procedure of treatment and which result in total and irremediable loss of capacity to earn income.

We shall consider the insured as being permanently and total disabled due to, sickness and accident caused solely by external, violent, unforeseeable and visible means, occurring independently on any other causes and within ninety (90) days of which trauma, subject to condition of total and permanent disability being met and acceptance of the claim by First Insurance if the staff meet the following conditions;

Loss of physical or mental ability through an illness or injury (wound or trauma; harm or hurt; caused solely by external, violent, unforeseeable and visible means) to the extent that the insured person is unable to do the “material and substantial” duties of any occupation ever again. The material and substantial duties are those that are normally required for, and or form a significant and integral part of, the performance of the occupation that cannot reasonably be omitted or modified.

Any occupation means any type of work, irrespective of location and availability. The relevant specialist must reasonably expect that the disability will last throughout the life with no prospect of improvement.


The policy will pay 40% of the agreed Sum(s) Assured to IT diagnosed of a Critical Illness whilst the policy is in force upon completion of forms acceptable to First Insurance.

Critical illnesses covered are defined as follows:

  • Cancer: The presence of a malignant tumor, characterized by the uncontrolled growth and spread of malignant cells with the invasion of normal tissue. Unequivocal biopsy of invasive malignancy must be produced. This includes leukemia (other than chronic lymphocytic leukemia), but excludes non invasive cancers in situ, tumors in the presence of any human immunodeficiency virus and any skin cancer other than malignant melanoma.
  • Kidney/renal failure: Chronic irreversible total failure of both kidneys as a result of which regular renal dialysis is instituted.
  • Heart Attack: the death of a portion of the heart muscle as a result of inadequate blood supply. The diagnosis will be based on the history of typical chest pains with new ECG changes and elevation of specific cardiac enzymes.
  • Blindness: the total, and irreversible loss of sight in both eyes as a result of acute sickness or accident. The blindness must be certified by an ophthalmologist’s
  • Stroke: Any cerebrovascular incident producing neurological sequelae including infarction of the brain tissue, hemorrhage and embolization from extra cranial source. Evidence of permanent neurological deficit must be produced.
  • Coronary Artery Disease requiring Surgery: The undergoing of heart attack surgery to correct narrowness or blockage of two or more coronary artery with bypass grafts in persons with limiting angina symptoms but excluding non-surgical techniques such as balloon angioplasty or laser relief of any obstruction.
  • Paraplegia: Paralysis of both legs or both arms or one leg and one arm, resulting in permanent loss of the use of these limbs.
  • Loss of speech: Total and irrevocable loss of the ability to speak must be established for a continuous period of 12 months. In the event of loss of speech, the Company must be notified within three months of the onset of the loss of speech.
  • Major Organ Transplant: The actual undergoing as a receipt of a heart, heart and lung, pancreas, kidney or bone marrow transplant.
  • Coma: State of unconsciousness with no reaction to external stimuli or internal needs, persisting continuously with the assistance of a life support system for a period of at least 96 hours which in the opinion of the Company results in a neurological deficit of a permanent nature.
  • Major Burns: Third degree burns covering at least 20% of the body surface area.
  • Alzheimer’s disease: The deterioration or loss of intellectual capacity of abnormal behavior arising from Alzheimer’s disease or irreversible organic disorders (excluding Neurosis and Psychiatric Illness) resulting in significant reduction in mental and social functioning and requiring the continuous supervision of the life insured. The diagnosis must be clinically confirmed by an appropriate consultant and confirmed by the Company’s Chief Medical Officer.
  • Multiple Sclerosis: The unequivocal diagnosis of multiple sclerosis, made by a consultant neurologist holding an appointment as such in a major hospital and confirmed by the Company’s Chief Medical Officer, with evidence of typical symptoms of demyelination, persistent neurological abnormalities and impairment of function. The diagnosis will be based on confirmatory neurological investigations (e.g. Lumbar puncture, evoked visual responses, evoked auditory responds and NMR evidence of lesions of the central nervous system.


Premiums can either be contributory or non-contributory.


Under this arrangement, the total premium is contributed by both the employer and the employees, in agreed proportions, e.g. 60%/40%.


The employer, pays 100% of the required premium.

Premiums are payable in advance but it is left to the Company’s discretion to decide for payments to be made either monthly, quarterly, semi-annually, or annually. For annual settlements, a 5% discount is allowed on the premium payable.


Levels of benefits can be determined on any of the following basis:

Annual salary or multiples thereof;

Flat amount for every employee irrespective of grade, status etc.

Graduated scale based on staff categorization, e.g. Management, Senior and Junior Staff.


The policy is renewable annually to allow for revision of benefits/ sums assured arising from adjustment of salaries due to promotions and/ or annual increments. This policy expires at age 75 but premium payment ends at 65.

First Insurance Company Limited Vacancies / Jobs 2020

First Insurance Company Limited Contact Details

# 59 Ring Road Central Asylum Down Accra

P O Box CT 10536 Cantonment –Accra

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