just wondering,why do people fear life insurance so much?
Hio inakuanga kujitakia mabaya
lol I suppose it just seems easier to invest that money in something else and leave it to your loved ones. To be honest, I wouldn’t put my moms through the process of fighting with an insurer over the insurance claim. I’d rather buy land or set up a business which she can just take over if I drop dead today.
I’ve seen people fighting with insurers for years and years over technicalities … “uuuum we said that if she died from drowning, we would pay. But this postmortem here shows she died in a fire and she was drunk which means there was negligence soooooooooooooooo no money for you”
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I’d rather buy a second hand car and die in it
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Tangible investments are much better than Life Insurance
Shida ya Kenya ni insurance companies have done a no. on very many people, esp. in the 90s. Since then people don’t trust those companies. For example I know two guys who did those school fees policies, then biashara ikaenda vibaya wakashindwa kulipa the monthly instalments, you get very stupid money back
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sio kwa ubaya but sijaelewa chenye umesema hapo?
highlight part gani hujaelewa
By the way insurance companies have to do a lot of work to regain trust with the public. Presently, most people view insurance as an unavoidable contract with a conman. This can be witnessed even in Auto Insurance. Most people take a cover (third party) not because of whatever benefits it promises but because they do not want issues with traffic cops
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hehe,i noted Kenyans are very hard to sell to especially when they start involving religion
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anamaanisha,ukifika mahali ushindwe kuendelea kulipa and you want you money back,the insurance company usually deducts administration charges from what you’ve paid so far,whats left for you could be even less than half of what you expected to get back
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true
What is the Insurance intended to achieve?
ukifika mahali ushindwe kuendelea kulipa and you want you money back,the insurance company usually deducts administration charges from what you’ve paid so far,whats left for you could be even less than half of what you expected to get back,apa ndio watu huskia kuchizi
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if you happen to pass on,the beneficiary i.e your wife will be paid a certain amount of money (set by you) depending on how much monthly premiums you pay,so that your family would be able to cope without you. esp if you were the bread winner
normally if nothing happens to you after the premium paying term e.g ten years,you can request for the money that would have been payed to the beneficiary if you passed on and do what ever you wish with it or simply leave there to be some future inheritance
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asanda.now its clear
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I’ve been looking for an education plus life insurance policy for my kid. found several talked to their people but after asking for clarity on certain issues they went silent. that raises doubts and a common mwananchi would rather raise cows and sell when time comes than risk getting insured
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dont take any policy unless your are 100% sure of what you are signing up for. the agents are usually no where to be found should things go wrong. in most cases,they are just intereted in making the sale since the commissions are usually good.
what were the issues that needed clarity?
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Definition of death since the insurance is against accidental death what happens if i die a natural death (in my understanding disease)
for the education policy,
if you die due to an accident,the beneficairy
will be compensated at the point of your
death,then again at the end of the premium
paying term.
but if you die by any other means i.e
through a desease. the beneficiary will only
come to be compensated at the end of the
premium paying term even though you were
no longer there to continue with the monthly
payments.
the above info may vary slightly from one
insurance company to another.
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