I'm looking for a good life insurance cover. With a kid it's no longer an option. Problem is when I calculate the premiums period vs sum assured it just isn't adding up! I could get better returns from a savings account with a bank. So what's your insurance plan/cover and who are you insured with?

(Wazua please feel free to take this thread to the location if this ain't it)

Every insurance product I believe is geared towards meeting a need.
A hybrid insurance product for instance an insurance investment plan gives one an opportunity to invest and also have life protection. I mean, tell me which investment portfolio secures the investor’s life and at the same time offers them a vehicle towards their financial security.
A pure life product on the other hand, provides your family with financial security if incase you breath your last.
Meaning a pure insurance product and a Hybrid insurance product are developed for different purposes. Hence the question that one is expensive or gives better coverage than the other is misconstrued. It all depends on your needs and your risk appetite.
It is also absolutely misleading that with hybrid products, the insurance companies always have an edge over the client. All insurance companies, just like any other business, are out to make profit and I believe as they do this, they always ensure a win-win situation. That is, you gain from being covered and investing, and so is the insurance company making profit. This is evident in all insurance companies and you never isolate any from the rest.
The returns from hybrid products are, am sorry to say, awesome. Not appalling as you put it. I have the feeling that you are biased to pure life products and this is purely because of your risk profile.

Muganda you are right .see my experience here

http://wazua.co.ke/forum...sts&t=7236#post83136

@2012; don't assess insurance on the basis of returns at maturity. Think about this, what return do you get after insuring your car for a year? Zero - thus you actually loose the whole premium!

Life insurance should be viewed in the same way. The monthly/yearly payments are PREMIUMS. They will never be paid back to you. The SUM-INSURED is the amount they will pay your beneficiary in case you die any time during the cover... even five minutes after making the first payment.

Just like car insurance, if you don't die before the expiry of the cover, you loose the whole premium! However, the insurance company decides to be generous to you and pays you the SUM-INSURED. This should not be compared to the premiums, after all, it is NOT an investment.

What you should do instead is decide how much premium you want to pay and then compare how much SUM-INSURED you can get from different insurance companies.

Conversely, decide how much SUM-INSURED you want, then compare how much it will cost (the PREMIUMS) at different insurance companies.

Isn't this the same thing we do when shopping for car insurance? We should treat life cove the same way