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jerry		#21 Posted : Saturday, July 23, 2011 8:43:52 PM
Rank: Elder Joined: 9/29/2006 Posts: 2,570		Inuendo wrote: I consider myself very lucky to have read these threads at this time heheheh was just about to commit to an education policy... =>share your thoughts bro/sis. The opposite of courage is not cowardice, it's conformity.
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Barrywhite		#22 Posted : Monday, July 25, 2011 11:26:30 AM
Rank: Member Joined: 12/2/2009 Posts: 286 Location: Nairobi		mukiha wrote: 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 Great plan, totally agreed with you. In the same boat. When you talk insurance, think of security incase of your demise, not investment in terms of returns! The laudable is more often than not rendered laughable by overclaim
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Silk		#23 Posted : Monday, July 25, 2011 2:05:17 PM
Rank: Member Joined: 8/25/2008 Posts: 144		Develop a direct relationship with the insurance company not the Agent. Most life insurance companies have very well established front offices and customer service. Most of them are above board. Insure and invest at the same time. One is not a substitute of the other. Been with Kenindia now for over 8 years, both life and education. Also with CFC life both life and education. No complain so far. Most of all, research and make the decision yourself.
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Layman		#24 Posted : Monday, July 25, 2011 2:15:58 PM
Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi		[quote=Barrywhite]mukiha wrote: 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. quote] Your description applies only to one form of life insurance, there are many types, some pay even when you dont die depending on the product you choose/buy. Be sure of what you say.
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mukiha		#25 Posted : Monday, July 25, 2011 3:40:00 PM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		Layman wrote: [quote=Barrywhite]mukiha wrote: 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. quote] Your description applies only to one form of life insurance, there are many types, some pay even when you dont die depending on the product you choose/buy. Be sure of what you say. Show me an insurance policy that pays back the premiums and I will show you a con-artist! The point I am trying to make is that insurance IS NOT investment. Comparing the two is like comparing elephants to mobile phones! 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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Layman		#26 Posted : Monday, July 25, 2011 3:50:01 PM
Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi		mukiha wrote: Layman wrote: [quote=Barrywhite]mukiha wrote: 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. quote] Your description applies only to one form of life insurance, there are many types, some pay even when you dont die depending on the product you choose/buy. Be sure of what you say. Show me an insurance policy that pays back the premiums and I will show you a con-artist!The point I am trying to make is that insurance IS NOT investment. Comparing the two is like comparing elephants to mobile phones! Conditions upon which premiums are refundable to the clients are fully specified in the contracts, each contract is unique. Will you stop generalised statements when you dont have facts, you are misleading many pipo reading this post. Which policy did you take and under what circumstances did you fail to get back the premium? I dont think you have ever taken any long term (life/education) insurance policy in your life and thats may explain why you have bad attitude on insurance.
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mukiha		#27 Posted : Monday, July 25, 2011 4:46:30 PM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		@Layman; let me clarify. The only time I know when premiums are REFUNDED is when a policy is cancelled. However, when a policy lives to maturity, the premium is not refunded. Whatever amounts that the client gets are calculated using the SUM INSURED, not the premium. Therefore, when one is assessing the benefits of a policy, it would be misleading to look at it in terms of premiums paid - in the way one would assess an investment in terms of price paid. The only time I can think off that one can look at the price is when comparing two or more insurance policies. But comparing an education policy to, say, buying a plot of land [as one person has done in this thread] is not correct. 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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Layman		#28 Posted : Monday, July 25, 2011 4:51:05 PM
Rank: Member Joined: 9/21/2006 Posts: 422 Location: Nairobi		mukiha wrote: @Layman; let me clarify. The only time I know when premiums are REFUNDED is when a policy is cancelled. However, when a policy lives to maturity, the premium is not refunded. Whatever amounts that the client gets are calculated using the SUM INSURED, not the premium. Therefore, when one is assessing the benefits of a policy, it would be misleading to look at it in terms of premiums paid - in the way one would assess an investment in terms of price paid. The only time I can think off that one can look at the price is when comparing two or more insurance policies. But comparing an education policy to, say, buying a plot of land [as one person has done in this thread] is not correct. Thank you veerryyyyyyyy much, we are together now, at least you know premiums are refundable as prrovided for in the contract, an example when policy is cancelled or when a kid whose name an education policy was taken passes on, etc but all must be as per the privisions of the contract....contract...contract....contract.... is the key thing here, dont breach it.
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mukiha		#29 Posted : Monday, July 25, 2011 4:58:49 PM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		@Layman; now that we are on the same page, what's take on comparing, say, an education policy to investing the same money in a plot? 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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Barrywhite		#30 Posted : Monday, July 25, 2011 5:03:25 PM
Rank: Member Joined: 12/2/2009 Posts: 286 Location: Nairobi		@ Mukiha Gentlemen; there is an insurance called Life Insurance & endowment cover or life insurance & investment cover that indeed pays you at maturity if you dont die! If you do, it pays your dependants. The laudable is more often than not rendered laughable by overclaim
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