Family Shield Cover
Family shiled Cover Insurance
Many families face financial pressure in paying for the funeral when a family member dies, especially if this person is the bread winner. Funeral expenses include, among other things, mortuary fees, the cost of a casket, hearse, flowers, funeral programs and, refreshments.
Benefits
Minimise the financial and emotional impact an unexpected death on surviving members of Your family
Ensure the surviving members of Your family go through a smooth transition during this difficult period
WHY LIFE INSURANCE COVER IS ESSENTIAL FOR EVERY KENYAN
Ask most people what life insurance is, and they will tell you it’s a policy you buy that pays money to your family if you pass away. Life insurance is a contract between you and an insurance company. Essentially, it is designed to protect your family and the people depending on you for financial support in the event you lose your income due to critical illness or untimely demise.
There are two main types of Life insurance policies which are; Protection policies that are designed to pay a benefit if the event that is insured against happens and investment policies whose main goal is to grow the capital put in by policyholders.
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:
- 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.
- 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.
- 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.
- 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.
- 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.