Kenyans have been urged to take advantage of the affordable and customized last expense insurance products in the market to reduce the financial burden associated with the loss of a loved one. Freaky as it sounds, insurance companies are going for broke to have you prepare and even finance your own funeral – or eve that of a loved one – way before they die!
Yet it seems, Kenyans are either not convinced or just too scared to imagine déath due to taboos. A report by the Association of Kenya Insurers shows that only 3% of Kenyans have last expense covers where majority pay benefits ranging between Ksh50,000 and Ksh2,500,000.
The low uptake has been attributed to lack of awareness, traditions associated with funeral and tedious paperwork, among others. The report further showed that Kenyans relied on families, friends, welfare groups and loans to cater for funeral costs.
A last-expense cover would be a great substitute for bothersome Whatsapp groups as insurance cover would cater for the principal, 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.
CIC Life Managing Director Mr Meshack Miyogo says a good last expense cover can contribute a minimum of Ksh100,000 towards funeral expenses – lessening the emotional and physiological pain.
“For a contribution of as little as Ksh1000 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,” he says.
CIC says it has enhanced its systems to allow for the disbursement of the claims – upon provision of all statutory documents – within 48 hours.
Mr Miyogo says the last expense cover allows families to give their loved one a befitting farewell while safeguarding the financial wellbeing of the family – which can be reviewed from time to time.
“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.
Most insurance companies are offering this cover hoping that it opens up a new stream of income on a risk that is certain to happen – only time makes the difference.