General FAQs

Can I cancel my policy if I am not satisfied with its terms and conditions?

Yes. However, under life insurance contracts this action must be taken within the first thirty (30) days after receiving and before signing the policy document. In case you do not sign the policy within the thirty days, you will be refunded the whole premium paid less withholding tax.

Regarding general insurance contracts, cancellation of the policy will lead to a proportionate refund of the premiums so far paid.

What happens to my policy if I fail to pay insurance premium?

Failure to pay insurance premiums as stipulated under the contract is a breach of policy terms and leads to termination of the contract by the insurer. If it is a life policy that has lasted for more than three years, then it has acquired surrender value. You may claim for the surrender proceeds.

What happens to my policy if a life insurance company collapses?

If you have a life insurance policy and your insurance company/ brokerage collapses, the life fund becomes closed and becomes fully protected by the Insurance regulatory authority (IRA). The fund may as well be sold to another insurer.

Your policy, therefore, remains valid and you should continue paying premium throughout the remaining period of the policy. Failure to continue paying premiums leads to termination of the policy by the statutory manager.

How does the insurance company determine my premium?

Premium rates are typically based on factors such as age, gender, height, weight, health status (including smoking status), and if you participate in high-risk activities or occupation.

How much life insurance do I need?

To determine the life insurance you need, it’s best to look at your surviving family’s immediate, ongoing, and future financial obligations, and compare that with your financial resources.

Below are examples of each type of need:

  • Immediate: funeral costs, medical bills, taxes.
  • Ongoing: mortgage payments, utilities, food.
  • Future: college tuition, retirement funds.

Financial resources can include your partner’s income, savings, income-producing assets, and investments. Considering all these obligations and resources, the difference between the two is how much life insurance you need.

Does my health insurance cover all medical bills?

Each health insurance is different in terms of the medical treatments it can cover. This is dependent on the type of cover and on the premium paid. It is therefore very important to review the policy document together with your insurer to confirm you have clearly understood what is covered and what is not covered.

It is also important to understand the expenses that NHIF card will pay for as these are excluded from the private medical insurance cover.

What happens if I leave employment / or leave the group?

Once you leave employment or the group, you cease to be a member of the scheme. However, you can arrange with the insurance company to take up an individual life cover

What liabilities are not covered under the professional indemnity insurance?

  • Performance guarantees
  • Intentional acts by the professional
  • Patents/trade secrets
  • Prior claims/circumstances Policy excess

What does the professional indemnity insurance cover?

  • Negligent acts, errors or omission
  • Misleading statements
  • Unintentional breach of confidentiality
  • Libel or slander ( defamation)
  • Dishonest, fraudulent or malicious acts, omissions by any former or
    present employee

What are the key exclusions under WIBA?

  • Any injury by accident or disease sustained outside Kenya
  • Any liability arising out of any court proceedings
  • Any liability arising out of pre-existing medical conditions unless previously declared.
  • Any Injury by accident /or disease attributable to war or war like activities
  • Any Injury by accident/ or disease outside the course of duty
  • Injury caused by deliberate and wilful misconduct