Why Kenyans Should Invest In Last Expense Covers
Kenyans have been urged to take advantage of the affordable and customized last expense covers in the market as a…
Kenyans have been urged to take advantage of the affordable and customized last expense covers in the market as a means of reducing the financial burden associated with the loss of a loved one.
CIC Life Managing Director Mr. Meshack Miyogo said that a good last expense cover can contribute a minimum of Kenya Shillings 100,000 towards funeral expenses – lessening the emotional and physiological pain.
“For a contribution of as little as Kenya Shillings 1000 per year for an individual, CIC has customized its last expense cover to cater for a range of needs from hospital bills to air transportation hence creating a value proposition to our customers. We have further enhanced our systems to allow for the disbursement of the claims – upon provision of all statutory documents – within 48 hours,” said Mr. Miyogo.
A report by the Association of Kenya Insurers shows that only three percent of Kenyans have last expense covers where the majority pay a benefit ranging between Kenya Shillings 50,000 to 2,500,000. The low uptake has been attributed to lack of awareness, traditions associated with funerals, and tedious paperwork among others.
The report further showed that Kenyans relied on families, friends, welfare groups, and loans to cater for funeral costs. Surprisingly, most covers in the market cater to the principal, their spouse, up to four children below the age of 18 years, and two parents of the spouses or parents-in-law, potentially saving a household financial strain.
Mr. Miyogo said the last expense cover allows families to give their loved ones a befitting farewell while safeguarding the financial wellbeing of the family – which can be reviewed from time to time.
“As a business, we remain committed to providing for and meeting our customers’ financial needs at their different life stages, efficiently and effectively. Our vision is to see the customer and their beneficiaries enjoy a quality life. It is for this reason that we have invested in technology and digital platforms to help fast track our business process where customers can quickly submit their claims and supporting documents and have the claim settled in 48 hours,” said Mr. Miyogo.