This is a list of best life insurance providers in Kenya. Kenya has a total of 51 insurance companies which offer a wide array of insurance policies, claims and covers. In this article, our main focus will be on companies that offer the best life insurance policies.
Life insurance is a contract between an insurance policyholder and an insurer/insurance company, whereby the insurer undertakes to pay a designated beneficiary or beneficiaries a specific sum of money upon the death of the insured person or the policyholder.
The most common types of life insurance policies in Kenya are Term life insurance and Whole life insurance. Term life insurance provides financial protection for a specific period of time. Whole life insurance, on the other hand, is a plan that provides lifetime coverage.
Here is a list of the best life insurance providers in Kenya.
1. Jubilee Insurance
It is one of the leading life insurance providers in Kenya. It offers the whole life insurance policy that features two options; whole life with an investment and whole life without an investment, which offers pure life cover and has optional benefits such as accidental death cover and accidental hospitalisation.
2. UAP Old Mutual
The company’s life insurance cover provides financial refuge in times of hardship and offers stability in the lifestyle of beneficiaries of the policyholder. It offers different plans and covers such as accidental death cover, the whole of life, term cover and Rafiki Halisi plan.
3. ICEA Lion Group
ICEA Lion Group is one of East Africa’s largest and most innovative insurer and financial services provider. The company features subsidiaries such as the ICEA Lion Life Assurance, which is the largest guaranteed fund manager in Kenya with current total funds under management in excess of Kshs 32 billion. The company scooped four awards in a row for the year 2013-2016, as the life assured of the year.
Britam is a leading diversified financial services group that offers a wide range of financial products and services in insurance, asset management, banking and property. Some of the covers and the plans offered include; critical illness cover, funeral plans, tegemeo term assurance, group funeral cover, group life and group personal accident cover.
5. CIC Insurance
CIC is a world-class provider of insurance and other financial services. It offers different life assurance plans such as group life assurance, CIC smart saver policy, CIC family protector policy, CIC academia policy, keyman policy, CIC invest plan policy and the CIC jipange pension plan.
6. Liberty Life Assurance Kenya
The company offers life covers that ensure that those you care most about are financially stable in the event of your death or unexpected circumstances such as disability.
7. Sanlam Kenya
It was formerly known as Pan Africa Insurance Holdings. The company is well-positioned to meet unique client needs in asset management, general and life insurance space. Sanlam offers life insurance packages for both individuals and groups or corporate.
8. APA Insurance Limited
APA offers life assurance plans and covers such as; funeral expense cover, life cover (term assurance), fixed savings plan, educational plan, individual pension plan, group credit life, group life, group deposit insurance and group last expense.
9. Madison Insurance Company
Madison is a leading insurance company in Kenya with over 23 branches spread across major towns in the country. It offers general and life insurance products at reasonable and affordable prices.
10. The Monarch Insurance
The company has been an active player in Kenya’s insurance industry for the last 40 years. It has been operating as a composite insurance company. It offers different life insurance packages and covers such as group life cover, micro-insurance and group last expense policy.