life insurance in Kenya

Life insurance Policies in Kenya

Protect your loved ones with life insurance, this is a contract with a life insurance company that offers an assurance of a specified amount guaranteeing financial security on the occurrence of a risk. The main benefit of life insurance is that the financial needs of your family are protected should you lose income due to critical illness or death

Insurance companies offer assurance to pay beneficiaries in a life insurance policy on the occurrence of an event like death, critical illness, permanent and temporary disability, or maturity of the term in a term-based policy.

Types of Life Insurance Policies in Kenya

Term Life Insurance

This policy offers you protection for a limited period. The insurance company will pay the full sum assured if the policyholder dies within the period they are insured. If the policyholder survives and the policy matures, no benefits are paid out.

Whole Life Insurance

A whole-life policy protects the insured for their entire lives and premiums are paid throughout one’s life, as a single premium or until a given age.

Endowment Life Insurance

An endowment policy combines both protection and investments. The insurance the company pays the full sum assured if the policyholder dies within the period they are insured. If the policyholder survives and the policy matures, the insurance company pays out maturity benefits including all the bonuses earned during the course of the policy. This is often tailored as an Education Plan

Unit Linked Life Insurance

In a unit-linked policy, a part of the premium is used to buy life insurance protection, and the rest is used to buy units in an investment fund managed by the insurance company. The price of the units is based on the net value of the fund at the time of buying. The return on the policy depends on how the investment fund performs.

Benefits of Life

The benefits of life insurance include:

There are many goals for getting Life Insurance coverage, and depending on the type of life insurance, the benefits vary from:

 

Financial Protection for Loved Ones
Critical Illness rider Benefit
To guarantee Child's Education
Passage of a Legacy and Inheritance
As a savings plan for a project

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