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Why you need life insurance?
To protect your family and loved ones from the financial hardships caused by death .
To pay off debts and loans.
To pay off a mortgage
To secure your child's education.
To preserve a family business
To Leave a tax free Inheritance.
To Bring Peace of Mind for you and your family.
Who needs life insurance?
Single Persons: You might not have children, but others, eg family members, your aging parents etc. may depend on you financially. You may also have substantial personal debts and may want to remove this burden from your loved ones upon your demise.
Married Couples: Many spouses often find it very difficult to make ends meet after the death of one spouse, this is because of the loss of income/ contribution of one partner.
Parents: After the death of one parent, many surviving parents struggle to pay for childcare costs alone after losing one partner’s income/contribution
Single Parents: As the sole breadwinner for your family, you’ll want to have life insurance so as to replace your child’s only source of financial support.
Business Owners: The death of a business owner or partner can often derail a business. Life insurance will help defray costs and establish business continuity.
What are the living benefits of life insurance?
Living benefits on your life insurance policy are those that you can benefit from while you are still alive or during the life of the policy. They include:
Critical Illness Benefits: This living benefit will pay out a lumpsum cash benefit, if you are diagnosed with a critical illness eg. Heart Attack, Stroke, Cancer, Kidney failure, Coma, Blindness, Multiple Sclerosis, Accidental Brain Damage, Motor Neuron Disease, Dementia (including Alzheimer’s and Parkinson’s disease) etc.
Permanent & Total Disability Benefits: This living benefit will pay out a cash benefit if you suffer an irreversible and permanent disability due to an accident eg loss of use or removal of limbs, eyes, hearing, or speech etc
Disability waiver of premium Benefits: This living benefit will allow you to skip or stop paying premiums when you suffer a disability, with the policy benefits still remaining in force.
Return Of Premiums: This living Benefit returns all the premiums paid into your policy at the end of the term.
Savings Benefit: Endowment and Education Life policies have an built-in savings component that grows and earns interest over time. This amount can be paid out at regular intervals or at at the end of the term of the policy.
Policy Loans: Endowment and Education Life policies also allow one to take policy loans on the savings cash value during the term of the policy
Tax benefits: Kenyans are entitled to tax relief on premiums paid for life and education policies. Every resident individual is entitled to a tax insurance relief of 15% of the amount of premiums paid for self, spouse or child, subject to a maximum of Kshs. 60,000 per annum.
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