Jubilee Life Insurance

The Mwango Capital Podcast

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Jubilee Life Insurance

Episode 103

Mwango Capital

Dec 24, 2024

Transcript

In this episode recorded on 03.12.2024, we are joined by Jubilee Insurance’s GM Corporate & Retail Pensions Catherine Kangata and Chief Distribution Officer Kanyingi Kagucia to learn more about life insurance.

We cover the state of life insurance in Kenya, insurance penetration, choosing the right insurance plan, claim settlement, and accessibility of insurance products.

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Key Quotes

“We need to do more public awareness and people need to appreciate that insurance is not only for the wealthy. There are solutions that are there for all of us depending on your needs.”
Catherine Kangata

“You want to look at life as three phases. You have an income accumulation, a wealth accumulation phase when you have the energy. When you're working, when you're setting up your businesses, you're bringing in the cash, so to speak, and you're building up your wealth. Then you have a phase that comes somewhere from the 40s into the 50s, you're looking at wealth consolidation. That's what we call the consolidation phase. So the accumulation phase, 20s into your 30s, consolidation phase, 40s into your 50s. And then once you get to retirement after 60, you go into what is called deaccumulation… What you do in your accumulation phase and your consolidation phase is critical in deciding what is going to happen in the deaccumulation phase.”
Kanyingi Kagucia

“ When we talk about endowment life policies, we are looking at the type of life insurance that combines savings and investment components. It looks at, should this event occur, then my loved ones would be compensated at a particular level. If the event does not take place, then there's a payment that comes back to me. So it combines those two, maturity or death. It's going to pay out one of the two.
When you talk about term, the term life is a pure risk policy. And this is what it means, it covers only for the event of death. So if I take out a plan for 10 years, 20 years or 30 years of a term life policy, should that time elapse and death has not occurred, I don't get paid because what I was buying was protection against that event happening within that period. Whereas I could be paid back under endowment should I not pass on, in the term life then if the event does not occur, I don't get paid. The policy comes to an end.
When we come to whole life, and this is an interesting one, this covers you for the duration of your life so long as premiums are paid. We have whole life policies in the industry and around the world where you can pay for a given period of time, 10 years, 15 years or so, and after that your cover still remains open and you're covered for it. Now the interesting thing with whole life is that the event must occur. So death must occur, and therefore the people who benefit from a whole life are those that we leave behind again.”
Kanyingi Kagucia