Advantages of Having A Life Insurance Cover

There are multiple reasons as to why the insurance penetration in the country is still below 3 percent. Lack of public awareness has been cited as the main reason as to way Kenyans have so far failed to take up insurance covers. A huge population have not vital insurance protection such as life insurance or even income protection as some still cling on cultural beliefs that uptake of such are signs of bad luck. 

Loss jobs, illnesses of death can happen to anyone and its high time we thought of ways of ensuring more people take up insurance covers.

Income protection

Protecting ones income is always a key factor especially for the self-employed whose income is directly affected by the number of days/hours they spend at work. This ensures that they maintain their income when occurrences such as sicknesses arise.

Kenindia Assurance, Chief Operations officer, Mr James Macharia affirms that many Kenyans are thrown into financial oblivion once they lose their jobs without having a sustained plan of how to pay their rent or even school fees, yet there are covers to protects the earnings that pay for everything an individual buys in life.

Illness scare

It is commonly said that most people are just an illness away from poverty. This is reality that befalls most Kenyans who only depend on their income for everything including paying for medical bills. In the event of an illness that leaves you bedridden, insurance covers come handy as the insured can be paid a replacement income until the insured is fit enough to continue with the work.

The premiums are always paid according to the terms of agreement and can either be monthly premiums, a one-off lump sum or in most cases both. In the end one is able to realize much benefits therefore relieving the financial burden from family members as is always the case in most cases. This allows the insured to concentrate on getting well again.

According to Mr. Macharia, claims in regards to income protection can at times be complicated to asses as they in most cases depend on subjective judgments about claimants ’fitness to resume their work. However, he urged the public to secure their future and those of their families by considering taking up insurance covers.



Categories: Insurance

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