Making Insurance Decisions As A Couple

by Business Watch Team

With the incessant depreciation of the Kenyan dollar rate & aggressive rise in inflation, the importance of having a proper insurance cover in place today is greatly understated.

As an instrument of risk mitigation, Insurance offers financial protection from life-altering misfortunate events to your assets, health, and personhood.

With a wide variety of insurance covers at your discretion, you can easily secure yourself an income protection plan, health plan, guaranteed education finance, home ownership as well as the fabrication of a multigenerational family estate.

In its nature, life is extremely unpredictable. One moment, we are enjoying the liberty of social gatherings in public spaces, and the next, we are isolating away from everyone to curb a pandemic. One moment, a one-thousand-shilling note provides you with a bag of shopping that you need help to carry. And the next, that same note can only afford you a few kilograms of sugar.

It is said that one of the 5 love languages is acts of service, and this Valentine’s season, you may want to consider how to uniquely love your partner by using insurance to secure your financial well-being as a couple. For instance, using a life insurance instrument to create a family empire, and pass on an estate that will outlive you to your children. Or, taking care of your spouse in your absence by nominating them as the beneficiary of financial proceeds of an insurance policy.

Of vital importance is the involvement of one’s loved ones while making such integral decisions. We have seen instances where nominated beneficiaries lack awareness of the existence of such arrangements, forcing the transfer of funds to the unclaimed financial assets authority. All the while, the family of the deceased languishing in dire poverty. This beats the intent of the life assured, which was to protect their loved ones long after their demise.

With the guidance of an insurance expert, this Valentine’s, you can decide to involve your partner in your insurance arrangements, both current and future. At Minet Kenya, we are here to walk this journey with you.

Related Content: Minet Kenya Joins The Nairobi Declaration On Sustainable Insurance

The writer is a Business Development officer at Minet Kenya

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