Policy Summary
The whole life policy is designed to protect your income and secure your family’s financial future
by providing a lumpsum payout upon your demise. The funds can be used to pay for your child and higher education expenses. The policy may be extended to include critical illness and accidental death benefits.
Importance of Whole of Life policy
The policy replaces your incomes in the event of early demise giving your family a fall back and ensuring they maintain their standards of living uninterrupted and are able to sustain their day-to-day expenses such as rent, food, education, e.t.c
Whole of life insurance does not have a fixed term when cover ceases. It runs for the Insured’s entire lifetime. By setting aside a little amount regularly, the insured protect their family against the consequences of financial predicament resulting from early death or critical illness. This policy helps preserve the livelihood and quality of life of dependents in the event of death, critical illness or total & permanent disability (where covered). The premium has Tax benefits and the lumpsum payout is tax-free.
Choosing a Plan
When choosing an appropriate plan, always
- Consider how much money you want to set aside for your family’s survival in the event of early demise.
- Consider how much money you can afford to pay at the intervals you select e.g. Monthly, Quarterly, Semi-annually or annually.
- Choose a policy that gives a reasonable payout that would take care of your family’s key needs i.t. Accommodation, food, Children’s education and other costs necessary to maintain your family’s standards of living at the same level in your unfortunate early demise.
Basic types of plans
| Plan | Description of cover | Sum Assured (Kshs.) |
| A | Whole of Life: Death Benefit | 100% Sum Assured + accrued bonuses |
| B | Whole of Life: Death Benefit + Critical Illness | 100% Sum Assured plus accrued bonuses + Critical Illness (where the rider is included) |
| C | Whole of Life: Death Benefit + Accident Death + Critical Illness | 100% Sum Assured plus accrued bonuses + Critical Illness + Accidental Death (where the riders are included) |
Ideal Client Profile
Parents: Offers Financial protection to dependents against unforeseen demise of parents, an avenue for creation of wealth & inheritance and guaranteed legacy for kids/ heirs. Easily accessible Tax-free liquid inheritance without need to sell off property.
Couples: Offers income replacement plan for surviving partner and dependents.
Business Partners: Whole-of-Life acts as a keyman policy to provide income replacement and facilitate share transfer to partner’s dependents/ heirs.
