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THE STORY BEHIND ATOMIC JUNCTION EXPLOSION

The twin explosion which occurred at the Atomic Junction on 7th October, 2017, had many concerns raised once again, as it was the eighth to have occurred in the past three years. Most of the issues are directed at the planning regulations and policies to control the development of these filling stations, but there is more to that. GhanaCompares.com blog team is here to update you. What about the lives lost? What about the medical bills? What about the damaged property? According to George Owusu,…
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Personal Factors That Affect Insurance Rates in Ghana

For someone who holds an insurance policy, the cost that you bear is the premiums you pay to the insurance company. To the insurance company, the receipts from the person insured must be adequate to cover the risk of a misfortune happening to him or her. The person purchasing the insurance policy reasonably wants to reduce the premiums he or she will pay while the insurance company wants to maximize the premiums they will be receiving. In order to reach a price that will be agreeable to both parties,…
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How to Choose the Right Insurance Company in Ghana

If one were to make the choice about a partner who will be there for them when they are at their weakest, it is obvious that such a choice will take some time. One therefore wonders why many people in Ghana do not take enough time to choose the insurance company which they buy a policy from. Think about it, an insurance company is basically going to be your life line in the event of a huge misfortune then you want to have the best possible insurance company at that time not a company you just…
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Life Insurance Planning for Working Couples in Ghana

When both members of a household are working and bringing in income, there are several advantages. For one thing, there is likely to be more income to go around. This means that the members of the household are likely to enjoy a decent standard of living. It also means that the risk of a significant loss of spending power when one member of the family loses his/her job is less. With the nature of the job market in Ghana, one could take a long time to get another job after losing one. Therefore, having…
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Is your life insurance cover too little?

It is reasonable human behaviour to want to pay the lowest price possible for a product. Life involves a lot of bargain and trying to get the best deals. This happens when we go to the market for some groceries, when we are looking to rent a house, when we want to buy a car, and even when we’re seeking to pay for a service. That we carry this same behaviour into our search for insurance is no surprise. The unfortunate reality in Ghana is that too many people buy insurance policies only when…
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Keeping Track of Your Insurance Policy

If you are like most people in Ghana, once you sign up for an insurance policy you do not take the trouble to make regular enquiries about what is happening. In fact, you only take note of your policy when you have to make premium payments or even worse, when you need to make a claim. This may not look like a big deal at first glance, but this article will explain why it is dangerous and what one can do to avoid it. For far too many people in Ghana, it is only when an unfortunate incident happens…
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Is insurance a scam? 

A popular but unfortunate perception among some people in Ghana is that the whole business model of insurance is a scam. Just search for “insurance” and “scam” on google and you will be sure to see several arguments by people in conspiratorial tones about how the insurance companies do nothing but take people’s money in the form of premiums and give nothing back. To be fair, some insurance companies do nothing to prevent this kind of perception. They offer bad policies that are expensive…
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THE NEED FOR PRIVATE HEALTH INSURANCE TO GHANAIANS

One importance of this private health insurance is to provide patients with health care services that could not be provided by the national health insurance. Also, it enables one to be able to save enough in order to cater for unexpected ailment that cost of treatment is high. “It is however interesting to note that, Private health insurance remains relatively rare in Ghana although it has become common in the last few years.” By world Health Organization (WHO). In as much as it requires…
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6 tips for your insurance

The private health insurance in Ghana has been authorized by the National Health Insurance Act, 2012(Act852) which is being regulated by the National Health Insurance Authority Insurances are done in order to plan ahead or protect one in times of unexpected calamities. Many Ghanaians also insure themselves to avoid surprises. However, there is the need to know the various policies that these insurance covers as well as the cost of the insurance which could be affordable to Ghanaians. GhanaComapres.com…
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Why everyone should have a life insurance policy

Most Ghanaians view insurance as a game of chance. If you are lucky, you could get a large sum to indemnify you even if you have paid just a little in premiums. If you are unlucky, you pay premiums for years and never have to make any claims although you may get a little by way of premium refunds. This way of thinking about insurance is not entirely wrong. After all, insurance provides for a way for the fortunate to subsidise the unfortunate with the understanding that no one knows on which side…
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How to obtain life insurance in Ghana

They say only two things are certain in life – death and taxes. But imagine if you could pay a kind of tax that will ensure that when you eventually die the people who depend on you will not be overwhelmingly disadvantaged by your passing. That is what life insurance provides. A life insurance (or life assurance) programme offers to pay your named beneficiaries a sum of money upon your passing in exchange for periodic payments known as premiums. Because death is inevitable, having a life insurance…