No one likes to think or talk about death and funerals. It hurts. The reality is that Everything is becoming expensive including funerals! So why not put funeral costs to rest through an easy and affordable cover for you and your family. With as little as 100bob per month, you can get a cover worth Ksh100,000 to cater for funeral costs. That way, you can ease the financial burden for your loved ones and give a dignified funeral. Talk to any of the insurance companies below.
No amount of money can take your place. However, having a funeral insurance policy in place protects your family against financial hardship. It prevents the added stress of paying your final expenses while dealing with their loss. How does it work? Once you have taken up funeral insurance, you will be expected to pay premium either monthly, every three months, every six months or annually, depending on your agreement with the Insurance Company. Upon demise of the insured, the insurance company pays the claim to the appointed beneficiary within 48 hours of receiving notification and relevant documentation. Funeral insurance can be purchased as a stand-alone product or as part of another related product. This is referred to as a ‘rider’.
Funeral insurance can cost as low as Ksh100 per month. The premium is calculated at roughly 1.5 per cent of the total cover. For example a cover of Ksh100, 000 will attract a premium of Ksh1, 500 per year or Ksh125 per month. Depending on your budget and preference, various service providers have different benefits. Remember, to compare the benefits being offered versus the premium to ensure you get the best value for your money. What kind of funeral insurance do I need? The type of insurance that is right for you will depend on your personal circumstances. The goal is to have a policy that will provide enough money to fund a funeral.
This an insurance policy used to pay for funeral expenses.
Most funeral plans include full family protection, that is your immediate family (your spouse, your children) and your parents. These will be your beneficiaries.
Yes. A group of people such as employees, a chama, sacco, church among others can purchase a group funeral insurance cover. This will cover the members as well as their immediate families. How long does a Funeral cover last? Funeral insurance is renewed every year
Yes, provided premiums are paid by the family members covered on the policy. Must the Funeral Insurance benefits be used on burial expenses? The amount received is supposed to be used to pay for funeral expenses and related products and services. However, it can also be used to settle outstanding bills, loans or debts, or any other expense as the beneficiaries may see fit.
If unable to pay your premiums, please get in touch with your insurer. Your policy document will outline the options available to you. What proof will I have of the funeral insurance cover? Once you agree on the package and you make the first premium payment, the Insurance Company should issue you with a policy document. The policy will outline, the terms and conditions of the insurance including the amount of premium to be paid, the start and end date of the cover and the benefits you are entitled to among others. Ensure you read through the policy and understand what is captured. Ask for clarification on any area not well understood.
Check your life or medical insurance to see if Funeral Cover has been offered as a part of the package and what benefits it offers. If it is not there, discuss with your insurer about taking one independently or as a ‘rider’ to your existing insurance. If it is there but you wish to enhance the benefits, this can be discussed with your insurance company.