Life Insurance Frequently Asked Questions
Is life insurance necessary for a single person?
Yes & No, Life insurance is not usually necessary for an unmarried person or a person with no dependents. However, there are unique cases, if single, life insurance is necessary.
You should consider purchasing a life policy if your financial obligations and risks such as a substantial amount of debt, mortgage, critical ailment, disability or if you are a caretaker of an elderly person. These are liabilities that life insurance could take care of in case of any in eventuality.
Can I trust my insurance company to pay my beneficiaries?
Yes, one key factor to consider when purchasing a life insurance policy is “Whether an insurer is financially strong to pay out policy benefits at maturity.” Of course, if you buy through BH. you are assured of the financial capability of the insurer, because we diligently vet and work with only tested and proven insurers.
Insurance Regulatory Authority (IRA), the industry’s caretakers, also ensures that a policy-levy fund kitty exists to secure policyholders investments in case an insurer went under. When that happens the policyholders and their beneficiaries are compensated first.
Association of Kenya Insurers (AKI) also provides an updated list of all insurers, their market strength, and ratings.
How is the application process different?
At BH., you will easily apply for life insurance coverage and get quotes on coverage, and you can choose to do it all online, anywhere, at any time. Simple life insurance quote process and you have an option for a digital guided application process. We submit it to the insurers for review and the process is complete in 2-3 days.
How long should my term last?
Your life insurance policy should last long enough to cover your existing and anticipated financial obligation. This could mean your mortgage duration, putting your children through education etc. Simply put, your coverage should exceed or align with your longest financial obligation, it can be 10, 15, 25 years.
Do insurance premiums go up each year?
Yes. Insurance rates go up as you grow older, it is important to lock in a lower rate now when you are younger to cover your family’s future financial needs.
Does an active life insurance policy cost more every year?
In most cases life insurance price does not change provided you have purchased a “level premium” policy. This means you will pay a constant amount for the policy’s duration regardless of age or health.
What happens when the policy term ends?
Term life insurance lasts for a predetermined amount of time typically 10, 15, 20, 25 years. Once the policy ends, the benefits are paid out to you, or your beneficiaries and cover ceases to exist.
Why is Bima Hakika Insurance help necessary ?
With a simple application process and a battery of professional financial advisors, and the backing of strong insurers in the market, Bima Hakika hand holding is a simple life that is fit for you.