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Term Life Insurance

This is life insurance policy for a fixed period of time normally ranging from 3 years to 20 years. The policy holder pays periodic premiums which are them paid out.

Whole Life Insurance

This type of life insurance is taken for the lifetime of the policy holder. The insurance pays out only in the event of death of the insured, so it is a good tool for estate planning for the policy holder.

Life Insurance Companies in Kenya

Financial planning is a daunting eventuality that kicks in when certain things start happening in your life or the lives of others around you. It goes beyond your monthly salary; it goes into death, a subject never discussed so freely. Hence the need to cushion against untimely circumstances, life insurance in Kenya provides a good and stable way to plan your future.

What if it is medical bills, funeral expenses, will my dependants have to move because the former took away all of our savings? What about the mortgage that I want to take up (with these spiking interest rates in Kenya)? How will I manage the down payment or do a lump sum payment to clear it off? How will it affect my family? What about those major changes that come, marriage? What about the children and their education? What of divorce hence reduced income? Even expanding that side hustle that you have? What about retirement? The lump sum or deferred annuity plan?

With all that, why should you worry about what avenues are there to help secure your future and that of your dependants? Therefore, life insurance is the financial safety pin to the insured family in the case of untimely death.

The various options available for life insurance policies in Kenya are as follows:

  1. Is it a whole life product? The insurer pays a predetermined amount to the dependants after the insured has passed on. And the insured still enjoys some benefits while still alive.
  2. Is it a term product? In force for 10-25 years or until you cancel it. In this case, if the years pass on without you passing on then the cover lapses and premium not returned.
  3. Is it an endowment? It has dual benefits, in case I die, the accrued premiums, gains and bonuses pass on to my dependants. If not by the end of insurance period, you get all the benefits as stipulated.
  4. Is it a money back policy? Where the insured receives periodic payment of the sum to be paid out in the eventuality of death and the beneficiaries receive it in full incase the insured passes on.
  5. Is it an annuity? This comes at the age 55 and above. It provides an option of taking an annuity plan where you can receive a monthly or annual income once you reach that age. The options, a fixed regular income until you passes on. Fixed incomes until you pass on or say 10 years whichever is longer. What of an increasing regular income to cushion against inflation or joint life, for you and your spouse to continue enjoying the income even when you pass on.

It is advisable to be on cover with reputable life insurance companies in Kenya with a product that will safeguard you and your family against the unforeseen and the unplanned.

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