NAIROBI, Kenya, Jan 13 – UAP Old Mutual has launched a last expense digital cover that will help families manage last respect expenses in the event of the death of a family member.
The new cover will be available for payments as low as Sh50 a month and will allow customers to sign up in under five minutes from their mobile phone or other devices hence enhanced convenience.
The last expense cover will include the principal member and five members of his/her nuclear family, that is, spouse and four children (or five children for single parents).
The lowest cover cost is Sh600 per year which translates to Sh50 per month.
UAP Old Mutual Group MD for the Life Business, Jerim Otieno, says the digital last expense cover is not only intended to ease the financial burden on families resulting from the passing on of a loved one but also provide convenience to how customers engage with the product.
The digital route is even more relevant in the current environment where we are grappling with the challenges presented by Covid-19.
“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.”
An additional dependant (child) and parent(s) can be added to the cover at an extra premium depending on the selected benefits under the cover. Children are covered up to the age of 18 or up to age 24 if they are still under parents’ care and in school/college.
The minimum age for children is 3 months while the upper age limit for the principal member, spouse and parents is 75 years at entry and cover remains effective until the insured passes on subject to continuous cover renewal.
Otieno added that UAP Old Mutual remains keen on developing innovative solutions featuring easy enrolment, premiums and claims payment processes.
“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,” added Otieno.
On cost, he says the product is priced to accommodate customers from all walks of life with a wide range of sum assured benefits hence making it extremely accessible.
The UAP last expense solution has benefits for registered and non-registered Groups including chamas, church members, welfare associations and alumni groups, resident community associations among others.