As the name suggests, this is a life insurance policy that remains in force as long as you are alive and the proceeds are paid to your beneficiaries at the time of death.
Why should I buy the whole life insurance plan?
Death comes unexpectedly and as a result of this many families face financial difficulties, especially if you are the breadwinner. A whole life insurance will offer you peace of the mind, knowing that your loved ones will be able to meet their financial obligations in the event of your untimely demise.
The sum assured and premiums are determined at the onset and they remain fixed throughout the term of the policy. You have the options of paying the premiums for a limited term say 10 years, and remain covered for life or to pay premiums throughout your life.
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
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Is there any benefit of starting a wholelifesooner rather than later?
Yes, the longer the saving period, the lower the premiums and the higher the returns.
What are the age limits for the Life Assured?
The minimum entry age is 18 years while the maximum age at entry is 60 years.
Is there a minimum or a maximum sum assured?
The minimum sum assured is Kshs. 200,000/-. There is no maximum sum assured
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:
Where 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:
Where an amount equal to the sum assured will be paid to you over a period of 36 months in the event that you become permanently and totallydisabled.
Waiver of premiums:in the event that you become permanently and totally disabled, all future premiums will be waived and the policy will remain in force. In effect, the premiums are paid for by Jubilee till the time of death when the sum assured will be paid to the named beneficiaries.
Accident hospitalization benefit:
In the event that you are hospitalized as a result of an accident, Jubilee would reimburse the inpatient medical costs incurred.
Where 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.
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 Assureds’ identity card
- Submit the original policy document together with the above listed documents