Life insurance is often seen as something expensive that only people with a lot of money can afford, but that is not the case. In fact, life insurance in Kenya is much more affordable than many people think, and it can provide a lot of value for a relatively low cost.
The cost of life insurance depends on things like your age, health, and lifestyle, but it is possible to find affordable options for most people. Many people avoid life insurance because they assume it will be too expensive, but in reality, there are different types of policies that can fit various budgets.
In Kenya, life insurance is still underutilized. According to IRA, only about 2.5 per cent of Kenyans are covered by life insurance, meaning many people are missing out on an important financial safety net. While the life insurance market in Kenya is still growing, more and more people are beginning to see the benefits and value of having a policy. In fact, the total life insurance premiums in Kenya were estimated at around Kshs 60 billion in 2020, showing that life insurance is gaining popularity, especially as more affordable options become available.
Having life insurance is incredibly important because it ensures that your family and loved ones will be financially supported if something happens to you. It can help cover things like funeral expenses, any debts you might leave behind, and even the cost of your children’s education. Without life insurance, your family could face financial difficulties, especially during a difficult time. Having this coverage provides them with the peace of mind that they will be taken care of, no matter what happens.
In Kenya, many insurance companies, like CIC Life Assurance, have designed affordable life insurance plans for people with different needs. These policies can be customized based on what you can afford, and some even offer micro-insurance options for those who may not be able to afford traditional insurance. Thanks to advancements in digital technology, it’s easier than ever to compare different policies, get quotes, and find a plan that fits within your budget.
Additionally, life insurance premiums in Kenya are eligible for tax relief, which means you could pay less in taxes by investing in a policy. This makes life insurance even more affordable and an excellent way to save money while ensuring your family’s financial future.
Overall, life insurance is not as expensive as people often think. With many affordable options available, it’s easier than ever to protect your family’s financial future. Whether you’re looking for basic coverage or something more comprehensive, life insurance offers security and peace of mind, and it’s more affordable than you might expect. Investing in life insurance is an investment in your loved ones’ future, ensuring that they are taken care of even if you’re no longer around.
