Life Insurance has several key benefits discussed as follows;

Asset Protection
The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

Goal based savings
All of us have goals in life for which we need to save. For example a newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one’s retirement will begin to take precedence.

Provides income while your family is adjusting
When an income provider dies, there is a significant impact on the finances of the surviving family. However, the death benefits of a life insurance policy can prevent this from happening or at least keep the impact to a minimum by replacing income lost with the demise of the breadwinner. That is why it is good the insured is protected to ensure that the surviving family will have financial support during the period they need to reconcile with their grief, get back on their feet, find other sources of family income, and adjust to their new income level.

It funds specific financial goals
In addition to providing survivors with income, proceeds from a life insurance policy can also provide funds to achieve specific goals that the insured may have planned for his family. These could include accumulating funds for college education of the children, the purchase of a home, or capital for a business.
It covers medical and funeral expenses

It is very likely that the insured will incur huge medical expenses prior to death. A protracted illness can easily run up to several hundred thousands or more than a million. Adequate life insurance proceeds ensure that these final expenses are well taken cared of.

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In the life insurance programme you have chosen enter in it your personal information height, weight, birth date, select the coverage you would like and put in your contact information to get a free list of price quotes. One can use an agency to get more information on the insurance policy they wish to take or even better they can Google all the information they want on the insurance policies and types of insurance, but an agent is usually willing to call you to follow up on your inquiry. You then complete an application with the company you’re interested in buying life insurance from for example CFC life, Apollo insurance company etc

The company will work with you to schedule a medical exam to make sure its the truth about your medical history, and will evaluate your current state of health. The medical examiner will do a basic checkup, and take blood and urine samples to ensure that you are healthy and one is not suffering from any medical problems.

You then put a request for a copy of the medical evaluation results to be sent to you for your records in case coverage is denied so that medical records can stand in for you once coverage is denied.

If you get approved for coverage the price the company offers you shouldn’t be higher than what they quoted you. But if they discovered something during your medical exam that wasn’t made apparent before, they can either reject your application, or offer you an insurance but at a higher rate.

The final step is to make your monthly payments and after sometime you start enjoying the insurance.

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Pan African Life insurance
Pan Africa Life Assurance Limited was created as a subsidiary of Pan Africa Insurance Holdings to tap into the largely under-developed life assurance market in Kenya. The Company traces its rich history to Pan Africa Insurance Holdings which started underwriting life business in March 1947. Today, Pan Africa Life’s sixty one year heritage has stamped a significant footprint in the Kenyan market, with a branch presence in all the major towns throughout Kenya supported by a large agency force.

Pan Africa Life pioneered the introduction of Individual and Group Life products without the HIV/AIDS exclusion and was the first Company to offer life insurance without the necessity of a medical test, which underpins Pan Africa Life’s anti-discriminatory policy. Pan Africa Life remains the only life insurer in Kenya with an entire portfolio of individual life business that pays all claims, irrespective of the cause of death, where death falls outside the prescribed waiting period.

UAP insurance
Is one of the leading insurance and financial services companies in East Africa, with headquarters in Nairobi and a network of branches spread across Kenya. Regionally, it is the second largest insurer in Uganda and the first foreign underwriter in Southern Sudan.

Its origins can be traced back over 80 years. The current company was formed in 1994 after the merger of Union Insurance and Provincial Insurance following the merger of their parent companies, UAP of France and Provincial of the UK. In 1996 we became part of AXA when AXA acquired UAP in France. AXA divested in 2000 and we became a Kenyan company.

CFC life insurance
In 1964, the Kenya American Insurance Company Limited, was incorporated in Kenya.
In 1987, the organization changed its name to American Life Insurance Company (Kenya) Limited – ALICO Kenya.
In 2004, the ‘Life Insurance’ arm (long term division) of ALICO Kenya was successfully bought by CFC Bank, and CfCLife Assurance Company Ltd was formed.
In 2008, CFC Bank, our parent company merged with Stanbic Bank, once again converging CFC Life into a new international & dynamic group CFC Stanbic Holdings.

ICEA Lion
The roots of ICEA Lion can be traced to the very beginnings of the insurance industry in Kenya. In 1895 Smith Mackenzie & Company were appointed the agents of Royal Exchange Insurance Company in Kenya, based in Mombasa. The agency eventually evolved into a Royal Exchange branch. In later years, this merged with Guardian Assurance, Atlas Assurance, Caledonian Insurance, Employers Liability Assurance and Commercial Union, among others, to form the Guardian Royal Exchange and Commercial Union groups in East Africa. In 1978, these groups, which had been run jointly, were converted into a local company, Lion of Kenya Insurance Company Limited, which would soon emerge as a well respected brand within general insurance circles in the Kenyan market.

Apollo Life insurance company
Apollo is one of the leading insurance companies in Kenya with a reputation for professional management and service excellence. Established in 1977 as one of the first locally owned insurance companies, Apollo has achieved impressive growth over the years thanks to commitment to service, confidence of policyholders and a sound management policy.

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Whole life insurance also called whole of life assurance is a life insurance policy that remains in action for the insured’s whole life and requires premiums to be paid every year into the policy to keep the insurance policy functioning for the insured whole life.

5 companies that offer Whole Life insurance in Kenya

• Pan African Life insurances
• UAP insurances
• CFC life insurance
• ICEA Lion life assurance company
• Apollo Life insurance company

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Kenyans’ uptake of insurance cover remains mostly in the motor, fire industrial and personal accident classes. This illustrates a poor attitude towards personal or life insurance cover in general. Low penetration of insurance in the Kenyan market is attributable to the following factors:

• A general lack of a savings habit among Kenyans;
• Low incomes for the majority of the population, with close to 50% of Kenyans living below the poverty line
• Inadequate tax incentives that could encourage the middle classes to purchase life insurance products
• A perceived crisis of the industry in the eyes of the public with regard to settlement of claims.

Several legislative and taxation changes made in recent years have made an impact on the Kenyan insurance industry and they include;  increase in the minimum capital requirements for insurers, increase in the solvency margin for long term insurers, introduction of ‘cash and carry’ rules which will require that insurers assume risk upon receipt of the premium, relaxation of investment limits for general insurers, introduction of penalties on late settlement claims, change in the rules on taxation of long term insurance business and taxation of dividend income earned by a financial institution.

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Life Assurance is also known as  life insurance and it is a contract between an insured  and an insurer, where the insurer promises to pay a designated beneficiary a sum of money also known as benefits upon the death of the insured person. Life assurance has an investment that is involved in it but life insurance does not.

Differences between life Insurance and life assurance
There is a slight difference between life assurance and life insurance and I have discussed as follows:

Life Insurance insures you for a specific period of time. If death occurs while the policy is in force, the insurance company pays the claim. However, if you survive to the end of the term, the policy is finished and has no remaining value  owed whatsoever. Even while the Life Insurance policy is in place, it only has a value if you have a claim; this means it is just like a home insurance.

Life Assurance – With Life Assurance you have an important investment goal. A Life Assurance policy joins a guaranteed insured sum with a none guaranteed investment, the value of the investment is directly related to the size of the guaranteed sum on your insurance policy, the number of years the policy has been in force and Insurance Company’s investment performance.

If one is to die during a Life Assurance policy’s term, the policy pays out the guaranteed sum (just as with Life Insurance) or the value of the annual investment bonuses that had been added to the policy by the Insurance Company to date, whichever with a larger value. As time goes by within the life assurance policy, the Life Assurance policy increases in value as the bonuses attached to it, build up.

If one does not die and survives to the end of the policy, the investment value is increased. One then gets the annual bonuses plus a terminal bonus.

When a Life Assurance policy has earned an investment value via its annual bonuses, one can cash it in with the insurance company. However, most people get a far higher price for their policy by selling it to a specialist investment broker.