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Disability & Critical Illness Insurance
Comprehensive Insurance Solutions for Peace of Mind
Disability and Critical Illness insurance provides financial protection when illness or injury stops you from working — whether you are employed or self-employed.
For employers, disability and CI cover prevents financial hardship for staff unable to work due to illness or injury and reduces employer welfare liability. For self-employed individuals and professionals, it is a critical safety net — there is no employer sick pay, no HR department, and no salary to fall back on. Cover includes: lump-sum payment on first diagnosis of a listed critical illness (typically cancer, stroke, heart attack, kidney failure, paralysis, major organ transplant), permanent total disability benefit, temporary disability income replacement, and waiver of premium if the insured becomes permanently disabled. The lump sum can be used for treatment costs, debt repayment, income replacement, or business continuity during recovery.
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Benefits of Insurance
Credit or loan protection
Credit providers, such as hire purchase firms, banks, microfinance institutions, and others, require customers to have credit or loan insurance policies in order to receive the facility. The sum assured provides lenders with financial security in the case of a customer’s premature death or disability. A common example is the acquisition of a house with a mortgage, in which the policyholder can obtain decreasing or endowment life insurance to protect the outstanding loan plus interest in the event of the customer’s death or disability.
Partnership protection
People can transact business in the form of a partnership, in which their individual shares are held separately. When a partner dies and the partnership is dissolved, the deceased partner’s ownership passes to their dependents, who may not be competent or interested in entering the partnership. As a result of this complication, most partners enter into an arrangement that allows their counterpart(s) to buy their shares after their death. As a result, the partners would purchase a partnership protection insurance policy that would give the surviving partner the funds needed to buy such shares upon the death of the counterpart(s).
Savings
The premiums paid for certain life insurance plans serve as money saved now for later purpose, such as saving for children’s further education or earning an income in old age. Unlike savings through financial institutions such as banks, savings and credit cooperatives, and others, saves through life insurance instills discipline in saving. How? By ensuring that such funds are not to be withdrawn until they have at least reached surrender value. This means that the policy has been in effect and premiums have been paid for three years.
Investments
The pool of premiums collected by insurance companies are ideally held to indemnify or compensate the sum covered in the event of a loss. However, the loss is not guaranteed, so insurers can lend a considerable percentage of the premium funds to the government and other capital market players. The policyholders may receive returns on premiums lent. In this way, insurance creates opportunities for policyholders to invest.
Peace of mind.
The basic idea of insurance is that if a loss occurs, the insurer will compensate or indemnify the insured. As a result, when people, families, and businesses pay small premiums and obtain insurance, they have peace of mind knowing that if the covered risk occurs, they will be reimbursed or indemnified. For example, if the business premises catch fire, the investor is so much worried because the insurer will step in to cover the losses. Similarly, in case of a premature death of policyholder in life assurance, the dependants will be guaranteed some income in the future.
Family and business financial security or protection
Insurance protects individuals, families, and organizations against financial loss. For example, in the event of a policyholder’s untimely death under life assurance, the dependants will be paid a lump sum or an income to compensate for the financial loss caused by the death. When a business suffers a loss, the insurance indemnifies the insured and ensures the business’s continuity.
Insights - Life Insurance (Disability & Critical Illness Cover)
Most Kenyans insure against death — but ignore disability risk. Disability is statistically more likely than early death, yet financially devastating.
Understand the difference between disability insurance and life insurance in Kenya
Get a Personal Consultation
Office
P.O Box 37775-00100 Nairobi Mogotio Road, Westlands FT3
Contact
info@comelyglobalconsulting.com
simon@comelyglobalconsulting.com
Open Hours
Monday - Friday 8 am - 5pm
Saturday and Sunday - Closed