Ordinary Life Assurance in Kenya
Individual life cover - term, whole-life and endowment policies - under IRA Class 02.
What does Ordinary Life Assurance cover?
Ordinary life assurance pays a lump sum to your nominated beneficiaries if you die during the policy term. Variants include term life (pure protection), whole life (lifetime cover) and endowment (cover plus savings).
Who needs Ordinary Life Assurance?
Anyone with dependants - spouse, children, parents - who would lose income if you passed on. Also used to secure home loans and business succession.
Examples of Ordinary Life Assurance policies in Kenya
- 20-year term life
- Whole-life cover
- Mortgage protection policies
Frequently asked questions
What is the difference between term and whole life in Kenya?
Term life covers a fixed period (e.g. 20 years) and pays only on death within that period. Whole life covers you for your entire lifetime and always pays out.
Regulation
Ordinary Life Assurance is licensed under Class 02 of the Insurance Act (Cap 487) and supervised by the Insurance Regulatory Authority (IRA). Only insurers holding a current Class 02 licence may underwrite this cover in Kenya.