Grief is Heavy Enough, Why Add Financial Stress?

Grief is Heavy Enough, Why Add Financial Stress?

A 2018 Ipsos Survey commissioned by Association of Kenya Insurers (AKI) revealed that in Kenya, the typical funeral expenses for an average middle-class family range from approximately Ksh.50,000 to Ksh.300,000. From mortuary charges to catering and supporting the dependents left behind, the costs can quickly add up.

Today, even the familiar “WhatsApp Funeral Harambees” are facing fatigue and, in some cases, individualism. People send the unspoken message, “Niko tight,” and while relying on them still reflects strong African trust, it has become a high-risk strategy. If you doubt this view, then take a trip to the mortuary and ask about the number of bodies left for days, just to try to raise funds for a send-off.

It’s time we all just confronted our fears and set up a Last Expense Policy.

1. What is a Last Expense Policy / Funeral Cover / Last Respect Policy? It is a life insurance policy that pays out an agreed amount of money in the unfortunate event of death, to help your dependents to cater for burial expenses.
2. Who is eligible for a Last Expense Cover? Any individual or group, such as Chamaas or corporates, can take up this cover.
3. How long does the Last Expense Policy Last? The policy runs for a year and is renewed each year.
4. How long does it take to settle a claim? Most Companies like Geminia Life pay within 48 hours upon receipt of a burial permit and ID/Passport or surrender of ID form (individuals) and a death certificate for groups. For unnatural deaths – those caused by external, non-medical factors, rather than illness or natural bodily processes-, a police abstract is also needed.
5. How much will I get from a Last Expense Cover? The exact amount depends on the plan you choose.
6. How much do I pay for this type of cover? Last Expense covers are generally affordable. Your premium (amount paid in exchange for future compensation) is based on your age and the amount you want paid to your dependent, also known as the Sum Assured.
7. What Cause of death attracts a payout? This cover does not discriminate; any death, regardless of the cause attracts a payout of the total amount agreed on when signing up.

Example
Steve (alias), 35 years old, wants a payout of KES 150,000 to go to his wife in the event of his death. If he takes a 5-year cover, he will pay KES 637 annually at Geminia Life. This amount will paid out to his nominated beneficiary within 48 hours of his death. Smart, isn’t it?

Ready to put structure to protect your loved ones?

 WhatsApp 0700 053 128 for cover or a free consultation.