Life Insurance Cover

1. Education insurance

An Education plan is designed to assure that the child’s education shall be taken care off upon survival of the policy holder or unfortunate events such as disability or loss of life. Payouts and premiums are designed based on projected educational needs of the child and financial ability of the policy holder respectively. Monthly savings from as low as Kshs 1,000 per month.

Other benefits include,

Payouts are tax-free
Can be used as a long-term investment/savings option
Get up to 15% tax waiver
Can be used to accumulate funds over time.
Is a disciplined way of saving
Up to 10 beneficiaries in a single policy
Competitive rate of bonuses

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2. Endowment Policy

Designed to enable the policy holder build funds over a period of time and at the same time make provision in case of an early demise.
Policy holder can have access to the funds at specified times during the term of the policy
The Endowment plan also assures the policy holder a lump sum at any desired age, which can further be reinvested to provide an annuity during the remainder of their life.
Can also be a pure life cover that can be used as security for a loan or provide an inheritance for ones dependents.

3. Key person insurance

The Policy is a “Life Policy” that compensates an organization on the death of a critical employee or director. The policy compensates the organization for the loss of income that would have however arisen from the employee. The proceeds may be used as pay-off to dependents, the ownership interest of the deceased employee/ partner in the organization.

4. Credit Life insurance

Credit Life Insurance is a life policy designed to pay off a borrower’s debt if that borrower dies before the loan is fully paid back to the lender. In the unfortunate event disability or untimely demise of the borrower.

Benefits of Credit Life Insurance

The borrower is protected from losing their savings or other property if they cannot repay the loan due to death, disability or involuntary unemployment
Beneficiaries and dependents are protected from taking up liabilities that they were not a party to and/or privy to
The lender is protected from losing the money borrowed

Single Life Policy

Single Life Insurance covers one person only and pays out the insured value if that person dies during the length of the policy or makes a claim under the terms of the subsisting insurance

Joint Life Policy

Joint Life Insurance covers two or more lives (for instance a spouse or business partner) usually on a first death basis. The insured value is paid out if one of the parties dies during the length of the policy, after which the policy would end

Eligible Loans

Education Loans
Secured Loans
Unsecured Check-off Loans
Special Scheme Loans
Investment Group Loans
Asset Finance

Other Life Insurance

5. Last Expense Cover

The policy provides for benefits to the dependents of a deceased member to cater for burial expenses.

The Last Expense cover provides for the payment (within 48 hours) of a selected sum assured to the dependents of a deceased member to cater for burial expenses.

6. Term life insurance

It is designed to enable one to have a pure life cover that can be used as security on a loan.

This policy can be used by an organization that needs to offer a life cover to the key persons in the company, such that in the event of the death of the key person, the company is compensated.

This policy provides an inheritance for dependents.

The premium will be payable for the policy term selected (capped at 20 years) or until the death of the life assured if it occurs within the term.

The minimum age at entry is 18 years

7. Whole life insurance

This type of life insurance is taken for the lifetime of the policy holder. The insurance pays out only in the event of death of the insured, so it is a good tool for estate planning for the policy holder.