Learn About The Top Advantages Of Obtaining A Life Insurance Policy


There are several advantages to obtaining life insurance. Young people, those in good health and those who are younger can obtain cheaper life insurance. It is important to obtain a policy as early as possible, and only purchase the amount of coverage you need. You can funnel the remainder of the money into your retirement account. Consider your financial obligations in the future and buy only what you need. Term life insurance rates are the most affordable, but you should take into consideration the benefits of dividends, waiver of premium, and whole life policies.

Advantages to obtaining life insurance from the best insurance companies in kenya

Whole life insurance

The cash value that you accumulate in a whole life insurance policy grows tax-free, which makes it an excellent way to supplement your retirement nest egg. You can access this money at any time, and it is guaranteed not to decline, regardless of the market conditions. Another benefit of whole life insurance is that you can borrow against it. Unlike term life insurance, which has a limited cash value, whole life policies do not have a death benefit.

Although most people buy a whole life policy for themselves, there are a few other benefits to owning a policy for someone else. Insurable interest protection can replace your income if you were to die prematurely, such as a business partner or key employee. Another benefit is that it can provide funds for your heirs. When the time comes to retire, you will have the cash value to help finance your next steps.

Term life insurance from the best insurance companies in kenya

Term life insurance has several benefits, including the flexibility of payment and policy options. Generally, term insurance premiums paid monthly, quarterly, or semi-annually. Non-annual payments may be cheaper, but most life insurers charge a processing fee. In addition, term life insurance policies can be customized to cover you for the exact amount of time you want. You can also choose the length of time the policy covers you, though most policies are purchased in five-year increments.

Term life insurance costs vary greatly depending on the type of coverage you choose and the value of the death benefit. Certain policies require a medical exam, while others do not. Your age, health, and other factors can determine your cost. Also, men are more likely to pay more than women. However, overall costs may be lower than you think. A term life insurance policy from the best insurance companies in kenya is much cheaper than a permanent one.

Term life insurance with dividends

A term life insurance policy with dividends can be beneficial for many reasons. It can help you avoid the high costs of monthly premiums while still providing you with a decent rate of return. Whether you choose to use the dividends to pay for future premiums, prepay your policy, or invest the money in other investments, you should understand the policy’s terms before purchasing one. Listed below are some advantages and disadvantages of term life insurance with dividends.

Changing the dividend option on your policy is easy and can help you make the most of your future payouts. Simply contact your financial professional or customer service office to make changes. Dividends considered a return of premium and become taxable if they exceed your premium payments. During this time, you can still use your policy’s cash value to pay future premiums. A policy’s cost basis is the premiums paid so far less any dividends previously received.

Term life insurance with waiver of premium benefit

A term life insurance with waiver of premium benefit is a life insurance policy that allows you to forgo monthly premium payments. This type of rider adds additional benefits to the policy. You can waive the premiums if you have a medical condition that prevents you from working or an illness that prevents you from earning an income. This type of rider is only available for people who are seriously ill or disabled.


Most best insurance companies in kenya require that the insured person be under 65 years old at the time of disability in order to activate the waiver of premium benefit. This is a good rule of thumb, as most people retire at age 65. After that, it is unlikely they would have earned extra income. This is a precaution to protect life insurance companies from an excessive number of claims. Term life insurance with waiver of premium benefit comes with certain restrictions, so you should be sure to read through them carefully.


JIA is a Kenyan insurance agency with a national reach. We specialize in offering personalized insurance services in motor, home, health, personal accident insurance, liability insurance, contractors all risks, workers insurance, and education policies.

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