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Rank: Member Joined: 3/17/2008 Posts: 567 Location: Nairobi
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I need the assistance of the knowledge base of this forum.
Ive been trying to get a pure life insurance policy for my spouse for the last 3 months but keep hitting a wall. All brokers wand to send me some school fees thing or some investment thing but I insist on a pure life policy.
When i talked to Britak I was told a cover of Kshs 10M costs 240,000/- p.a. I know for group life this type of cover costs approx 40-60k p.a.
Who would know where I can get a good value for money policy. My spouse is in business.
Be greedy when others are fearful,be fearful when others are greedy.
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Rank: Member Joined: 7/16/2008 Posts: 34
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I took a value added life cover...where its pure insurance from ICEA. ....Talk to an ICEA representative and let them take you through the product. And keep away from these unit linked products from Britak,Old mutual and the rest. Since when did insurance become an investment?
The truth shall set you free
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Rank: Member Joined: 10/11/2008 Posts: 134
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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CFC Life. Ksh 2.4M cover costs 12K pa. Inpatient medical cover included.
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Rank: Member Joined: 3/17/2008 Posts: 567 Location: Nairobi
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Thanks guys.
Gordon,would you know whether CFC have higher limits. Anyone who has tried any other insurer?
Be greedy when others are fearful,be fearful when others are greedy.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Its called CFC Personal Accident Cover. Has 5 categories: 1.2M annual premium 6k,2.4M 12k,4.8M 24k,8M 40k,13M 59k. These are based on my age bracket. I pay 22k for 2.4M because the missus is also covered for 2.4M. It also has hospital cash,funeral benefit.
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Rank: Member Joined: 7/16/2008 Posts: 34
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The product from CFC is an accident policy renewable annually,just like that one of a car.
The truth shall set you free
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Rank: Elder Joined: 8/1/2008 Posts: 1,432 Location: Marsabit
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CFC life has lots of products but they are quite confusing to many and the brokers who come try sell them to you dont help much either. Anyway,CFC life has a website www.cfclife-kenya.com though i find it kinda shallow for a first timer seeking elaborate details,you can however get their contacts and have them send a sales rep to you for clarifications and details. Some of their products in line with what you are asking are: 1. Individual Pension Plan - good for self employed people as you get to save for retirement...matures after 15 years.... 2. Life Term assurance - low cost policy that provides the simplest form of Life Insurance 3. Income builder - among their main insurance products Among many more....like the Personal Accident Cover mentioned by someone here earlier. All in all,just contact them via email or phone,and they will glady be of help to you. Advice is what we ask for when we already know the answer but wish we didn't.. Nevermind what haters say, ignore them til they fade away - Just live your life
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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I thought Pablo wanted info about 'Pure Life' insurance...the suggestions here are for medical covers. If that's what you are looking for,then go to the HMOs (I would recommend AAR). By pure life,I suppose you mean a policy where you put in small amounts of money every month for a certain duration (say,10 to 20 years) and should you die (hence the term life cover) or be permanently disabled mid stream,the company will pay a large sum of money to your dependents. And if you don't die and the thing matures,you get you money back plus a small interest.... Before you take such a cover,ask yourself whether there is anyone who would suffer financially if you died today. If the answer is no one,then stop shopping and eat your money. Unlike investment,there is no benefit in taking life insurance early. In fact it is a waste of money. Only take it the moment you get financial dependents. After all,if you die two hours after signing up,the whole insured amount will be paid!!!! Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 3/17/2008 Posts: 567 Location: Nairobi
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Actually what I wanted infor about was something like the car insurance that you pay. At the end of that year,if nothing has happened you premium expires and you have to pay again for the next year. I have been trying to get to CFC thro the website that Leona gave but looks like its not working. Looks like ill call them to find out if the have the above type of cover.
Mukiha,I dont think insurance is a waste of money (except for those which pretend to be investments). For some of us with kiddos it is a necessity. I wonder why most african men have life covers but their mama watotos dont.
Be greedy when others are fearful,be fearful when others are greedy.
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Rank: Member Joined: 7/16/2008 Posts: 34
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Pablo...send me an email at Joenickson2@yahoo.com... my agent can help The truth shall set you free
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Rank: Elder Joined: 11/19/2008 Posts: 1,267
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Try madison.they have a life cover with investment element called smart investment plan.you can opt out after 3 years and get 100% of your fund. Do not judge me by my name.I'm a super star****** Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
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Rank: Elder Joined: 11/19/2008 Posts: 1,267
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Try madison.they have a life cover with investment element called smart investment plan.you can opt out after 3 years and get 100% of your fund. Do not judge me by my name.I'm a super star****** Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
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Rank: Member Joined: 2/20/2007 Posts: 767
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try CFC Life,they have term life overs where you chose a period of 5 yrs,10yrs or 15yrs and chose a sum assured. You then pay premiums and when the agreed term expires and you are still breathing................. thats it... you get zero! Thats the cover I went for. However,be very carefull coz the agents will try their best to sell you something different. In fact,the first agent i talked to sold me a policy that involved investment despite making it very clear that I wanted term life. I find the way insurance is sold in kenya very conman like. You agree with an agent verbally,(after he has explained the policy),you pay the first premium and then wait 1 month for the policy document. When the document came,it had no resemblance to our verbal discussion. Needless to say,I did not get my money back but another agent helped me get the Term life policy that I originally wanted. Rather than spending all your time reading about the future and trying to figure the nuances of what is it might hold,may be you should spend at least as much time getting to know Him better (David Jeremiah) They must find it difficult....... those who have taken authority as the truth, rather than truth as the authority. -G. Massey.
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Rank: Elder Joined: 6/27/2008 Posts: 4,114
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@Pablo; you misunderstood my remarks. What I mean is: If you DO NOT have any financial dependents (e.g.,totos, siblings etc for whom you meet financial requirements),the a life insurance cover would be a waste of money. Secondly,even if you forsee some dependents coming from,say,next year,there will be no added benefit in taking the insurance cover this year. Take it as soon as the dependents come. Thirdly,you still have not clarified the kind of insurance you want. What you describe - an annual policy similar to that of a car - will probably be a medical cover....and for that,go to the HMOs; they have better plans than regular insurance companies. If you are looking for a life cover,then it will be a long-term policy (10+ years) and it will give you the option of making payments annually or monthly. By the way,in olden times,life covers used to be open ended (no time limit) but this proved unpopular with customers so insurance companies started time-limited schemes but for longer terms. Finally; at AAR,you can get a decent health cover for about 20k per year (depends on your age and sex) and the you add sh1,200 to append a sh2,000,000 life cover to your policy. Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Rank: Member Joined: 1/19/2009 Posts: 1
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Hi,I have read your concern and I have info that will hep you. There are many companies with the product you require,one of them being Old Mutual. They have a pure life cover,either whole of life or for certain term. Please send me an email for further information. This life cover pays out a lumpsome in the event of the premature death of the life assured (person covered) It is pure life and has no investment element pegged on it. my e-mail is bintiwama@yahoo.com Trixxie Goals are the fuel in the furnace of achievement.
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Rank: Member Joined: 3/10/2008 Posts: 68
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sorry Pablo to hijack your post....didnt see need to open a new thread as this seems related.
i am covered under group life and PA from the employer. i am considering buying more life and PA insurance at an individual level as i have been told that the employers cover is not applicable when off duty? are there any overlaps? pls help
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Rank: Elder Joined: 8/1/2008 Posts: 1,432 Location: Marsabit
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@Pablo What did you finally decide on? how good is it? kindly give us feedback...might help a person or two make wise decisions here. Thanx Advice is what we ask for when we already know the answer but wish we didn't.. Nevermind what haters say, ignore them til they fade away - Just live your life
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Rank: Veteran Joined: 7/3/2007 Posts: 1,634
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@Pablo. I hope you don't mind I hitch a ride on your thread. I am looking for the following information: What is the annual cost of AAR 1) Gold cover 2) Silver cover for one adult (in both cases with all the bells and whistles). I have looked at their website and for a strange reason they don't have this information. Neither,it would seem,do they respond to enquiry tickets posted on the site. Thank you "The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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Rank: Member Joined: 11/13/2006 Posts: 94
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You could call this guy at CFC,he's called Mwai n has been my agent for the last 5 years,was introduced by my cousin and he's been offering me the best products depending on what I'm looking for 0721 281793
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