Understanding Term Life Insurance

Are you the breadwinner of your family? Do you have a young family? Pause for a moment and imagine their life without you.

Apart from the grief of your loss, would your family struggle to pay the bills? A Life insurance policy is a suitable investment for individuals who have financial dependents or those who do not want to leave unmanageable costs or debt upon demise.

A life insurance policy is a relatively inexpensive way to provide money for your family when you pass on. Once you purchase a Term Life insurance policy, the insurer pays a lump sum death benefit to your beneficiaries if you die during the contract term.

There are two important factors to consider when purchasing a Term life policy. The first one is the duration of your coverage. This is informed by the number of years that your family will rely on your income. For example, the years that you need to pay school fees for your children.

The second consideration is how much life insurance coverage you need. For instance, this can be based on the needed amount to cater to your children’s education until they become self-reliant. Having clarity on these two issues will guide you on the right Term life to purchase. With Term Life insurance policies, younger clients may acquire more coverage at a lower immediate cost. It is highly recommendable that you purchase this policy when you are relatively younger.

Lastly, an individual should purchase a Term Life insurance policy from a reputable and credible insurance company. This will ensure that your dependents receive the benefits in line with your policy. Ensuring that an insurance company has positive customer satisfaction and experience ratings will give you confidence that the agreement will be easily settled. Jubilee Family protection plan has been trusted by our customers for 85 years. We continue to innovate and build on this trust to enable our customers to overcome uncertainty.

Jubilee Life Insurance has introduced AHADI which is an online Term Life insurance policy that runs from 1 to 10 years. The policy has a minimum coverage of KES 500,000 and maximum coverage of KES 3 million.

The unique features of AHADI include survival benefits for policies. This means that a policyholder will receive an amount when they survive the policy’s duration. AHADI also offers a free editable online calculator and an online self-sign-up process to empower individuals easily sign up for the product.

Click here to sign up for AHADI. Reach out to our team at onlinesales@jubileekenya.com for further clarification or assistance.

Written by Amidah Rajab, Deputy Head of Retail Agency Sales, Jubilee Life Insurance on 7th December 2022