Old Mutual Reaches Out To Clergy On Last Expense Cover
Old Mutual Life Assurance Kenya (OMLAKL) in collaboration with the Kenya Urban People Association (KUPA) has rolled out a new…
Old Mutual Life Assurance Kenya (OMLAKL) in collaboration with the Kenya Urban People Association (KUPA) has rolled out a new partnership aimed at empowering members of the clergy with key financial skills to help them during unforeseen eventualities.
The partnership seeks to address specific gaps among the clergy which include inconsistent income, demand for better church infrastructure, clergy, retirement benefits, and the need for a decent send-off. Besides, the clergy will be key in educating its members on the need to own a last-mile cover.
Speaking during an engagement dinner with the clergy, Old Mutual Life Distribution General Manager Evans Manduku said, “As Old Mutual, we shall pass on financial knowledge to the clergy whom we believe have a wide range of access to members of the low and middle class that make up our target market segment. They can impact this group with the financial knowledge we pass onto them with a view to help them make sound financial decisions”.
As part of the partnerships value proposition, Old Mutual in close collaboration with the United Clergy Association will offer Retirement solutions paid for at a rate of KES 2,000 per month, savings and investments packages, Asset financing solutions, and the last expense solution where members contribute at least KES 100 monthly.
“We have since November last year touched over 150,000 lives in terms of the distribution of our last expense product and expense the cover to a tune of over KES 90 million”. Said Manduku.
Last year, Old Mutual and KUPA partnered to provide its members with the last expense cover, that will help them manage last respect expenses in the event of the death of a nuclear and extended family member. Through the partnership, Old Mutual committed to underwrite a funeral cover benefit, improving member benefits to not only include funeral services but also a cash payout to meet the expenses of a funeral.
Giving his remarks on behalf of the Clergy, Bishop Peter Maithya said. “This partnership will help members of the clergy to retire with honor, boost structure development in churches, and most importantly give a befitting send-off to our own members when we lose them, without having to break the bank”.
Speaking during the dinner, KUPA CEO John Onyango said this new partnership will strengthen and consolidate self-confidence among the clergy while at the same time empowering and building their capacity for sustainable development and protection from exploitation through the pooling of resources together.
“Partnering with Old Mutual allows us to give our members a decent send-off. Our agreed package is subsidized for any person to benefit from our offering of body transportation, a coffin, the mortuary bill for 14 days, clothing bills, tents, and plastic chairs during the funeral. Old Mutual provides a food basket in form of cash to support other emerging needs during the burial”. Said Onyango.