This is a life insurance policy that enables you to build a fund over a period of time to enable you meet your child’s school fees obligations at the various stages of the child’s education. The plan ensures that your child’s fee requirements are met even in the unfortunate event of your premature death or disability. The career life Gold plan allows for flexibility in premium payment, giving you the opportunity for adjustment of the regular premiums in case of changes in your financial circumstances.
Why Career Life Gold plan?
This plan allows for a disciplined, systematic and easy way to save for your child’s financial education needs.
The premiums are fixed , but with an option for adjustment in case of changes in the policyholder’s financial circumstance
The policy term is 15 years. You may choose to enjoy life cover for the rest of your life even after expiry of the savings term by choosing the relevant option.
What if I have more than one child and their school fees needs arise at different times in the future?
You can have a combination of Career Life Gold policies with selected terms customized for each child’s future needs. Indeed you may even have more than one policy for each child to provide for each level of education.
Is there any benefit of starting Career Life Gold sooner rather than later?
Yes, the longer the funding period, the higher the returns on your policy. You may be aware of the famous old saying ‘time is money’. The earlier you start the plan, the more time you will have for the funds to grow through accumulation of bonuses. Additionally, the premiums will be much cheaper at younger ages as premium increases with age.
Who is the Life Assured?
This is the person on whose life the insurance policy is taken. It can be the parent or guardian to the child.
What are the age limits for the Life Assured within Career Life Gold?
The minimum age at entry is 21 years while the maximum age at entry is 65 years. The maximum age at maturityis 70. This means that at the time the policy matures, the policy holder will be 70 years or younger, and the maximum term of the policy will be determined based on this. There is no maximum sum assured limit set. However, the maximum sum assured will be determined by the applicant’s financial capability (ability to afford the premiums over the entire policy period).
Is there a minimum or a maximum sum assured?
The minimum sum assured is Kshs. 500,000/-. There is no maximum sum assured limit set. However, the maximum sum assured will be determined by the applicant’s financial capability (ability to afford the premiums over the entire policy period).
What are riders and why should I take them?
Riders are benefits that complement your plan and offer additional benefits at a relatively low cost. The riders include:
Accidental death benefit:
An additional amount equal to the sum assured will be paid in the event that you die out of an accident.
Permanent & Total Permanent Disability:
An amount equal to the sum assured will be paid to you over a period of 36 months in the event that you become disabled out of an accident.
Waiver of premiums:
Accident hospitalization benefit:
Jubilee Insurance would reimburse the inpatient medical costs incurredin the event that you are hospitalized as a result of an accident.
A fixed amount of KShs.100,000/- will be paid to your named beneficiary in the event of death, within 48 hours of submission of required documents, to carter for your burial expenses. The beneficiary child is covered for the sum of KShs. 50,000.
What happens in the event of death of the Life Assured?
Jubilee should be notified immediately on death of the Life Assured. In order for the claim to be paid, the claimant should do the following:
- Have the claim form duly completed and signed
- Have the certificate of attending physician form filled by the doctor who was attending to the Life Assured at the time of death
- Provide the original police abstract or original postmortem report if death was caused by an accident.
- Submit a certified copy of the Life Assured’s identity card
- Submit the original policy document together with the above listed documents
How can I apply for the policy?
The steps to apply are very simple and easy to follow:
- Fill in the application form
- Attach copy of your National Identity Card or Passport
- Payment of the first premium