Investment, retirement, and insurance group; UAP Old Mutual, has launched a last expense digital cover intended to help families better manage the last respect expenses incurred when a family member dies.
The new digital cover will be open to payments from as low as 50 Kenyan Shillings a month. It will also give customers the ability to sign up from the comfort of their mobile phones or other devices in less than 5 minutes, thus making the entire process much more convenient.
The last expense cover will cater to the principal member along with 5 members of his or her nuclear family which are the spouse and 4 children, or 5 children in scenarios involving single parents.
The cost of the lowest cover is 600 Kenyan Shillings per year, which is basically 50 Kenyan Shillings per month.
The Managing Director (MD) of UAP Old Mutual Group for the Life Business; Jerim Otieno stated that the digital last expense cover is not only aimed at easing the financial burden on families as a result of the death of a loved one, but also intended to be convenient whenever customers engage with the product.
Since the onslaught of the ongoing Coronavirus pandemic the importance of going the digital route has become even more profound.
In his words, “The introduction of this last expense solution highlights our commitment to addressing emerging and rapidly changing needs of our customers. As a business, we are alive to the fact that clients are looking to access services with ease.”
It is important to note that an additional dependent (an additional child) and parent can be added to the cover plan at an additional premium depending of course, on the selected benefits under the cover. Children will be covered up until the age of 18 years or up until 24 years of age in scenarios where they are still under the care of their parents and in school.
The minimum age for children is 3 months of age while the maximum for the principal member, parents and spouse is 75 years of age upon entry. The cover will remain effective until the insured passes on subject to continuous cover renewal.
The Managing Director (MD) of UAP Old Mutual Group for the Life Business; Jerim Otieno revealed that UAP Old Mutual remains focused on developing solutions that are innovative and include premiums, easy enrollment and claims payment processes.
In his words, “There is need to constantly evolve and provide convenience to our customers hence the ease of sign up and claims process for this product. The new solution has an integrated mobile money payment application making premium payment easier.”
With regards to cost he made it known that the product is priced to accommodate customers from various areas of life and also comes with a variety of assured benefits that make it extremely accessible.
The UAP Old Mutual last expense solution also has benefits for non-registered Groups and registered Groups alike. These include church members, resident community associations, chamas, alumni groups, welfare associations, etc.
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