Insurance Covers
Group Medical insurance
Group Medical insurance Medical insurance policy, also referred to as health insurance, covers the medical expenses incurred by the insured or their dependents. It covers numerous illness and or bodily injuries.It can be taken by an individual or a group of people. The policy can be out-patient (walk in and out of hospital) only or in-patient (admission) only. It can also have a combination of both in and out patient.Does medical insurance cover all medical bills? Each medical insurance is different in terms of the medical treatments it can cover. This is dependent on the type of cover and on the premium paid. It is therefore very important to review the policy document together with your insurer to confirm you have clearly understood what is covered and what is not covered. It is also important to understand the expenses that NHIF card will pay for as these are excluded from the private medical insurance cover. Most medical insurance policies can be extended to cover additional benefits such as optical and dental cover, congenital defects, maternity expenses, preexisting conditions, chronic ailments, psychiatric conditions among others. Most covers exclude cosmetic surgery or treatments, age related senility or insanity, family planning and treatments not administered by a registered medical practitioner. Your Title Here This is a text box. Write your own content here. This is an excellent place for you to add a paragraph. Your Title Here This is a text box. Write your own content here. This is an excellent place for you to add a paragraph.
Personal Accident
Personal Accident A Personal accident insurance provides financial benefits to an individual if he/she is involved in an accident resulting in injuries or death.Who is a beneficiary and why is it important to nominate one? Beneficiary is a person who receives the benefits following death of the insured. The person applying for insurance is required to nominate preferred beneficiaries and the percentage allocation of benefits. If a child below 18 years is appointed, then a responsible guardian who will administer benefits upon sudden death should also be appointed. Choosing a beneficiary ensures that the benefits go to the right people. Personal Accident What are the benefits under this cover? Accidental Death – Pays the fixed amount or multiple of salary for loss of life due to an accident Permanent Disablement – Pays a certain percentage of the fixed amount or multiple of salary in the event of permanent disablement caused by an accident Weekly payment – Pays a weekly income for temporary disablementresulting from accidental injury Medical Expenses – Reimburses you for medical expenses that arise from an accident including dental and optical expenses. Emergency Evacuation – Covers emergency medical evacuation expenses. Pay for the cost of artificial appliances that arise from an accident such as crutches, hearing aid and prosthetics Repatriation Expenses – pays for the return of the deceased to place of residence. Who is a beneficiary and why is it important to nominate one? Beneficiary is a person who receives the benefits following death of then insured. The person applying for insurance is required to nominate preferred beneficiaries and the percentage allocation of benefits. If a child below 18 years is appointed, then a responsible guardian who will administer benefits upon sudden death should also be appointed. Choosing a beneficiary ensures that the benefits go to the right people. Group Accident Insurance This is a text box. Write your own content here. This is an excellent place for you to add a paragraph.Group personal accident insurance provides financial benefits to a group of people such as: a family, employees, chamas, learning institutions, SMEs any other group of people with common interest. For employers who take the cover on behalf of their employees, the claim is paid to the employer for onward transmission to the employee or their appointed beneficiaries.When calculating premiums to be charged for the above insurances, the following factors are considered: Age, location, occupation, current physical health status and lifestyle, type and amounts of benefits. What are the benefits under this cover? Accidental Death – Pays the fixed amount or multiple of salary for loss of life due to an accident Permanent Disablement – Pays a certain percentage of the fixed amount or multiple of salary in the event of permanent disablement caused by an accident Weekly payment – Pays a weekly income for temporary disablementresulting from accidental injury Medical Expenses – Reimburses you for medical expenses that arise from an accident including dental and optical expenses. Emergency Evacuation – Covers emergency medical evacuation expenses. Pay for the cost of artificial appliances that arise from an accident such as crutches, hearing aid and prosthetics Repatriation Expenses – pays for the return of the deceased to place of residence.
Domestic Package (DP) Insurance
What does DP insurance cover? This policy insures the home. It combines coverage for the home that is, the building and household contents as well as domestic workers against death or injury while in the course of employment. The policy also covers the homeowners or occupiers against lawsuits for injury or property damage caused to other people (third parties).What does DP insurance cover? Domestic package insurance covers the following risks: Domestic package insurance policy has five (5) sections, A to E, as broken down below; Section A - Cover for the structure (building) of your home Section B - Cover for your personal belongings or contents of the building Section C - Cover for items you move with outside the house such as mobilephones, watches, IPads, laptops, rings, cameras, spectacles. This section is also referred to as All Risks Section D - Liability protection, this covers domestic workers for injury or death while undertaking domestic work. Sections E and F - Coverage of owners and occupiers against lawsuits forinjury or property damage caused to other people. Can I purchase DP insurance if I am renting a house? Yes. You can purchase Domestic Package insurance if you are renting a house, a flat or an apartment. Why is it important to take a home inventory before purchasing DP Insurance? Before you purchase domestic package insurance, you will be required to provide a home inventory. A home inventory is a list of all the things in your house including electronics, furniture, kitchen equipment and jewelry. It is important to record the serial numbers of the major appliances, keep the receipts and user manuals safely. Having an up-to-date home inventory will help you insure the correct value of property and get your insurance claim settled faster. How often should I review my policy? Domestic Package insurance is an annual cover. However, if in the course of the year you make improvements to your home such as fire and burglar alarm systems, upgraded plumbing or electrical system or if you make a major purchase. Inform your insurance company about the improvements or changes. You may need additional cover if there is a change in the value of your home or its contents. What should I do if I am leaving the house unoccupied for some time? If you are leaving your house without an occupant for eight (8) or more consecutive days, you will need to inform your insurance company. Cover may be suspended for the period, or extended to cover the period of un-occupancy on payment of an additional premium.
Life insurance
Life insuranceLife insurance is a long-term contract between an individual (policy holder) or organisation and an insurance company. In the event of death of the insured, life insurance ensures that their loved ones continue to enjoy quality life. There are other events in life that may trigger payment from the life insurance cover including critical illness, terminal illness, temporary or permanent disability; this is dependent on the terms of the contract. Other expenses such as funeral expenses may also be covered. Life insurance policies can be for protection only, or they can combine both protection and investment. The investment element facilitates long term savings and capital growth. The main classes of Life insurance are: Ordinary/Individual LifeOrdinary/Individual Life Insurance comprises all individual life policies categorized as either Term Assurance; Whole Life; Endowment; or Investment policies. Group Life Insurance Group Life Insurance comprises group life insurance schemes mainly organized by employers on behalf of their employees; Group Credit/Group Mortgage Schemes which are loan protection schemes organized by financiers like banks, co-operative societies, microfinance institutions, etc.; and last expense schemes which be stand-alone products or are given as a rider to the group life schemes. Pension/Retirement PlansPension/Retirement Plans are mainly offered by insurance companies to help individuals build up a sum of money that can be used in retirement. Pension plans can also be taken by groups such as employers. The money is invested by the insurance company to generate a regular income paid to the retiree and this income is what is referred to as pension.Annuity Annuity is another way of planning for retirement. In an annuity, an individual pays a lump sum premium to an insurance company. The insurance company then provides a lifetime income to the individual from their premium. Investment/Unit Linked Contract Investment/Unit Linked Contract products give policy holders both insurance and investment under a single integrated plan. The main objective is to facilitate the growth of capital invested by the client/policy holder. Funeral InsuranceFuneral Insurance covers funeral expenses upon demise of the insured or their dependents. It can be purchased as a stand-alone product or as part of another insurance product such as life insurance or medical insurance. It is renewed every 12 months.