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Life Insurance Policy in Kenya


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Planning for the future is a very daunting task for a lot of people because it leads individuals to think of death. Death is spoken of in hush tones in most households in Kenya. People hate to think of the long, endless meetings held by the “committee” in the wake of a person’s death. Who shall shoulder the financial burden of taking care of the children? People, engaged in various activities, always aim to reach for the best that is within them so that they as well as their children can lead a better life. Not so in the event of an untimely demise. The Life insurance policy provides the key. No longer should anyone worry about what the future holds, they can lead their everyday life with a peace of mind. They do so with the knowledge that the financial future of their children and family at large is secure.

What is a life insurance Policy?

This is a policy that provides a financial safety net to an individual’s family in the event of your untimely demise. It works basically when the individual who has taken the policy pays monthly contributions or a lumps sum amount to the insurer for a certain period of time. In the event of your death, the money is paid out to your family members or the persons that you have named as the beneficiary in the policy document.

What happens in case you live past the maturity date of your life insurance policy?

This largely depends on the maturity of your life insurance policy but in the event that a person lives till the date of maturity of the insurance policy, the returns that the policy has accrued over the years are given to you.
There are various types of life insurance policies and consequently a plethora of variations of these types of policies.

What are the types of Life insurance Policies?

  1. Endowment policy: Under this policy an individual has dual benefits. In the event that he dies in the time, the sum insured is paid out the family members or to the beneficiaries. However, should the person live beyond the stipulated time period in  the policy, the premiums paid are refunded together with any capital gains and bonuses accrued within the period.
  2. The term Life Policy: This policy is taken up by an individual whereby the individual and the insurer agree that insured shall pay a certain premium in the event that he/she dies in a certain number of years from the date, the beneficiaries shall receive a certain amount of money. E.g. A father may take out a 3 million term life policy in such a way that should he die in 20 years time, the family shall receive the 3 million. If the individual lives past the agreed upon time period, premiums paid until that date are not paid to him/her.
  3. Whole life policy: This is different from the term life policy in that it doesn’t have a timeline assigned to it. Under this policy, the individual continues enjoying the benefits of the policy until such a time of his/her demise. Under this policy there is not risk of losing the premiums paid.
  4. Money Back Policy: Under this policy, the individuals receive periodic payment of the sum to be paid out in the event of the demise of the person. In the case of the death within the policy, the beneficiaries receive the full sum insured.

Some considerations are taken into consideration when choosing the life insurance policy in Kenya:

  1. The level of income a person receives.
  2. The individual’s gender
  3. The individual’s age
  4. The individual’s medical history.

Why choose a life Insurance Policy?

A life insurance policy has several benefits key among them:

  1. Unpaid income is adequately made up for.
  2. Clearing an individual’s debt.
  3. Catering for the funeral expenses of an individual.
  4. It is a way for an individual to receive annuities or pensions even after retirement.
  5. Paying for the education of children.

Some benefits of the life insurance policy are that it is exempt from tax for some policies.  It is prudent for individuals to get a life insurance policy. It is indeed a great way to safeguard your family and beneficiaries from financial insecurity in future.  Visit [insert company link here] and get a quotation today for your life insurance policy.



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