Letshego Kenya Insurance Agency Limited (a subsidiary of Letshego Kenya Limited / “Letshego Kenya”) has partnered with leading international insurer Liberty Life to launch the lowest priced funeral insurance policy in the market
The Fariji Jamii Funeral Policy, a pre-paid family cover paid upon death, covers final expenses, cushioning off policyholders’ families from financial burdens associated with farewells.
The product covers a family consisting of a maximum of 10 family members – one main member and their spouse; maximum of 4 children, 2 parents and 2 parents in law. The annual premiums range from KSh 350 to KSh 5,500 and the value of sum assured starts from KSh 50,000 to KSh 200,000. Under the cover, the parents and parents-in-law must be aged 75, the main member and spouse aged 64 and the children aged 18 years old.
Adam Kaisane, Letshego Kenya’s Country CEO, commented, “We have evolved our borrowing options to include focused solutions, including Affordable Housing, Education and Agriculture Solutions. Personal insurance adds value to all our customers,
Liberty Life Managing Director, Abel Munda, the economic and cultural realities of our time could help change the customer mind-set on the importance of planning for their funeral. “Insured persons with a regular income are not only affected by the realities of our socio-economic context, to provide for the financial stability and social security of their immediate families when they are gone, but also have to take care of their parents, even in death, for final rites.”
Study commissioned by Association of Kenya Insurers (AKI) across counties suggested that Kenyan families should take up funeral insurance covers due to over commercialization of last rites in Kenya. The study showed that less than 3 percent of Kenyans have funeral covers, with the rest exposed to funeral expenses costs between Sh50,000 and Sh300,000 and between Sh400,000 and Sh2.5 million in hospital bills in cases of deaths from illnesses.
