Why life insurance in Kenya?
Life insurance in Kenya tends to be a bit misunderstood therefore today we shall look at some of the reasons why you need this guide to get the best life insurance in Kenya. There are however three essential facts about life insurance in Kenya we need to understand before we proceed:
What are some of the reasons why you will need life insurance in Kenya?
Protection
If you run a business, have a family or any dependants, a life insurance policy will provide a financial safety net that would be of great benefit to them in the event of your death. With a life insurance cover in place, a lump sum payment that is tax-free is made available to your dependants as long as all premiums are up to date and no pending insurance loans are attached to your policy.
Best life insurance in Kenya: How much life insurance do you need?
Act as income replacement
What would happen to your family if your income or your business disappeared? With a whole life insurance in Kenya you can ensure
- Any mortgage debt is paid up.
- Your family can still afford medical care, child care, and other crucial services.
- Your child’s education or college expenses are met.
- Any debt you have is cleared.
- The continuity of the business that you have already established.
Great life insurance riders
Some of the best life insurance in Kenya optional riders include:
Waiver of Premium Rider: Following either permanent total disability or diagnosis of a critical illness, this rider ensures your life cover stays in place but you will not pay more premiums.
Critical Illness Rider: This provides a lump-sum payment in the event of a first diagnosis of a critical illness. The types of critical illness will be mentioned in your policy.
Personal Accident Cover: This rider can provide of double benefit payout following death through an accident. It also provides benefits in the event of permanent total disability following an accident.
