An Overview of the Best Life Assurance Companies in Kenya

Kenyans have vast choices to make when it comes to life assurance companies, making it difficult to choose the right provider. Fortunately, this guide will guide you appropriately.
Kenyans have vast choices to make when it comes to life assurance companies, making it difficult to choose the right provider. Fortunately, this guide will guide you appropriately.

Kenyans interested in buying life assurance have vast options, with dozens of insurance providers to choose from. The major players in the country’s life assurance space offer numerous policies to meet different needs, are financially strong, have simple application processes, provide robust customer service, and have long histories.

However, confusion comes with numerous companies to choose from, and most people feel stuck making an informed decision. Fortunately, this detailed piece will guide you aptly, and you’ll undoubtedly make the right choice.

But before we review the best insurance companies to partner with, let’s first look at the basics of life assurance.

What’s the Difference Between Life Assurance and General Insurance?

General insurance and life assurance differ significantly, and understanding the dissimilarities can help you make an informed choice when shopping around. Generally, the main differences between life assurance and general insurance include:

  • Maturity benefits – While it’s a form of insurance coverage, life assurance is mainly considered to be an investment. Most of the time, general insurance doesn’t provide any maturity benefits. But it promises a payout amount if there’s any loss caused by unavoidable circumstances.
  • Premium payments – Generally, life assurance will require you to pay a fixed amount annually for a specific duration. But for general insurance, you’ll pay the entire premium once when buying the policy.
  • Policy timelines – Life assurance policies are mostly long-term, while general insurance is generally short-term.
  • Finance planning – Being an investment avenue, life assurance can help you achieve vast financial goals, including paying for education or using it as a retirement corpus. However, general insurance only protects your property against crises.
  • Insurance amount claim – The assured sum in life insurance is paid on the insured individual’s demise or policy maturity. But for general insurance, the compensation is done after an unfortunate event, as per the terms and conditions of the policy.

With this in mind, what are the leading life assurance companies you can count on? Read on to find out!

Life Assurance Companies in Kenya

Peace of mind comes when you’re confident that you and your family members have the best life assurance cover. The following leading insurance companies can offer this tranquility:

APA Insurance Company

One of the top insurance providers in Kenya, APA Insurance stands out thanks to its incredible life insurance and pension benefits. The company boasts a solid reputation for being the best insurance company in claims settlement.

APA Insurance has the APA Life offering that comprises the following coverages:

  • APA WealthBuilder
  • HosiCare, for Hospitalisation and Loss of Income
  • Elimu Education Plan
  • Akiba Halisi Anticipated Savings Plan
  • Fixed Savings Plan or Imarika
  • Life Cover (Term Assurance)
  • Pumzisha Funeral Expenses Cover
  • Individual Pension Plan (IPP)
  • Upendo Life
  • Mortgage Protection
  • Group Last Expense
  • Group Deposit Insurance
  • Group Life
  • Group Credit Life
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Besides APA Life coverage, the insurer offers all lines of insurance, including medical and general insurance. Here, you’ll get one of the country’s most affordable health and medical insurance, known as Afya Nafuu, a comprehensive product covering outpatient and in-patient care. Moreover, the insurer offers medium- to high-end cover with a broader panel of local and overseas providers.

Britam Insurance

Britam, a leading diversified financial services group, is part of the British American Insurance LTD and serves the eastern and southern African region. The insurance provider is listed on the NSE (Nairobi Stock Exchange).

One of the company’s most sought-after life assurance products is Dhamana, offering you a platform to save as you enjoy guaranteed life insurance and investment at a 5-percent investment return rate. The minimum monthly premium is Ksh. 1,000, and there’s no maximum limit. If the policyholder demises, the policy will release a death benefit to beneficiaries.

The company also offers Group Life Insurance, where a single contract extends to or covers a group of people employed in the same company. This product is ideal for corporates, government agencies, parastatals, learning institutions, Saccos, and SMEs.

Besides life assurance, Britam also offers various services, including property management, asset management, and banking. Afya Tele, the company’s health microinsurance cover, targets SMEs and registered groups comprising ten or more members.

Jubilee Insurance Company

Known for its fantastic insurance products, excellent customer experience, and numerous accolades, Jubilee Life must always feature in any list of top insurers in the country. The insurance company is listed on the Dar es Salaam and Nairobi stock exchanges. It boasts numerous recognitions and awards over the years for its outstanding risk management, customer service, and leadership.

According to the company’s website, you’ll always get a life-saving plan whether you want to save for your child’s studies, your retirement, or buying a new car. It offers life coverage in the individual and corporate categories:

Individual:

  • Personal Pension Plan
  • Joint Maxlife Plan
  • Education Plan
  • Single-Premium Immediate Annuity
  • Family Shield Cover
  • Baada Ya Campo
  • Anticipated Endowment Plan

Corporate:

  • Group Personal Pension Plan
  • Triplex
  • Whole Life
  • Investment Plan (Fanaka)
  • Group Life Policy
  • Jubilant
  • 5 Payments Policy
  • Occupational Retirement Benefit Scheme
  • Jubilee Umbrella Scheme
  • Credit Life
  • Group Mortgage Protection Cover
  • Group Last Expense Cover

Notably, the packages and premiums will depend on your needs, goals, and financial position; so speak to the company’s agent for more information.

Madison Insurance Company    

Founded in 1988, Madison Group boasts more than Ksh. 6.2 billion in gross written premiums alongside an over Ksh. 5 billion asset base. This makes it one of the biggest locally headquartered insurers. Most policyholders laud the company’s commitment to developing competitively priced insurance products for Kenyan consumers.

Madison’s life assurance packages are available in the following three categories:

  • Group Life Assurance – Tailored for collective staff groups, this annual policy offers a death-in-service benefit to your staff or members of the registered group. The cover compensates beneficiaries in the unfortunate event of a worker’s disability or demise.
  • Lala Salama – This package enables bereaved members to organize a decent sendoff without fundraising for the deceased. Benefits are paid within two days (48 hours). The minimum annual premium is Ksh. 412, while the maximum premium is Ksh. 4,560.
  • Bima Ya Karo – This package offers parents and guardians the opportunity to create guaranteed provisions and funds for their kids’ education whether they’re alive, incapacitated, or departed. In case of these events, the company will pay the benefits and drop any future premiums. The policy’s limits for funeral cash benefits are Ksh. 100,000 for adults and Ksh. 50,000 for kids.
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Besides life assurance, Madison offers other products like investment management and health insurance. The company manages a portfolio of over Ksh. 10 million. The company’s gradual success can be attributed to its unmatched client focus and constant product development to address its clients’ actual needs.  

UAP Insurance Company

The financial services conglomerate is based in Nairobi, Kenya, but has subsidiaries throughout the East African region, Congo, and South Sudan. It’s the go-to company for many Kenyans seeking insurance services for family health cover, travel insurance, motor insurance, retirement plans, and education.

UAP life insurance packages are also among the best in the country. However, you can’t get lots of crucial information about their offerings online. Instead, reach out to their agents and discuss your situation to get the right insurance product for you.

Liberty Life Assurance Kenya Limited

Liberty Insurance is a subsidiary of the larger Liberty Holdings Group. The company has more than 25 branches serving the Kenyan market and offers all-inclusive life assurance packages for corporates, individuals, and businesses.

The company’s Group Life Cover is issued to an organized group of employees. It’s meant to give the company and their workers peace of mind that those who depend on the staff member will ease their financial burdens through cash benefits.

Employees can also go for the Family Protector plan that charges as low as Ksh. 68 as a monthly premium. This plan’s benefits range from Ksh. 50,000 to Ksh. 400,000. There’s also the Heiman plan, whose monthly premiums depend on the cover amount and policyholder’s age. Finally, the LifeVest insurance solution is a flexible, unique investment offering both cover and choice. The maximum coverage for this plan is Ksh. 5,000,000.

ICEA LION Life Assurance Products

One of the established and most reputable insurance agencies in the East African region, ICEA LION became the first Kenyan company to introduce cancer insurance for its members. The company’s focus on its customers is also evident in the incredible life assurance packages it offers.

Generally, the firm offers life assurance in the following categories:

Usomi Bora Education Insurance

The ICEA LION Education Insurance product lets you save for your kid’s education. You can set aside a specific amount annually, quarterly, or monthly for a specified duration to adequately cater to the quality of education you’d wish your child to go through.

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Endowment with Profits

This life assurance product lets you make periodic payments for a specified duration, after which you’ll get a guaranteed payout. The payout is also released in the unfortunate event of your demise, incapacitation, or diagnosis with a critical illness.

Anticipated Endowment Policy

This ICEA LION insurance policy gives you a platform to grow your savings through regular premiums over a specific timeline. It’s ideal if you’d wish to save up for a long-term objective but still wish to enjoy interim rewards in the form of multiple payouts over the policy duration.

Level Term Assurance

This insurance platform from ICEA LION lets you select a preferred premium and payment duration. It has a significantly high Sum Assured that’ll be paid out to your beneficiaries upon your unfortunate demise. But your premium contributions won’t be refunded once the policy period ends.

Tips for Choosing the Best Life Insurance Company

Even with a condensed list, deciding the best insurance company to partner with might still be difficult. Generally, your choice will be determined by your financial status, needs, and general insurance goals. However, it would help if you also did the following to make the right choice:

  • Ask for recommendations – Colleagues, friends, and family members may have life insurance with an agency they adore. So enquire about their experiences with these companies.
  • Evaluate the company’s financial stability – It’s always important to assess the different insurance companies’ financial strength ratings to ensure they’ll meet their financial obligation of paying benefits to policyholders.
  • Check out customer reviews – Dozens of client-centered platforms like Yelp and Google offer reviews from customers of respective insurance companies. For an accurate inference, ignore the outlier reviews and pay attention to the overall average.
  • Get multiple life assurance quotes – Comparing insurance quotes and prices from multiple carriers can help you find the best, most affordable life assurance policy. Prices vary across the vast policy types, but additional policy features can influence the cost. 
  • Seek expert guidance – A licensed life assurance agent or financial advisor can help you address complex questions and help you decide the right coverage for you. 

Final Thoughts

Hopefully, this piece has guided you, and you’re better placed to make an informed decision regarding your preferred insurance company. But if you’re still feeling stuck, feel free to reach out to the respective agencies to get answers to your questions.

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