CFC Life Launches LifeVest into the Kenyan Market

Leading life insurance company, CFC Life Assurance ltd., has launched a revolutionary insurance product in the Kenyan market that allows you to invest and save while enjoying a compulsory life cover with additional optional rider benefits.

The new product dubbed "LifeVest" is targeted at the middle to upper income population and the lower to middle income populations respectively. The minimum age at entry for a policyholder is 18 years while the maximum age at entry is 70 years.
For as low as ksh. 2,500 per month, an individual can qualify for a compulsory fixed life cover benefit of at least Ksh. 100,000 and savings benefits with no strict underwriting nor medical examinations.

"We saw a need to provide cutting edge insurance solution that meets the ever changing customer demand for protection and investment. We are giving the consumer a product with optimum returns, optional investment choices and non medical examination life insurance cover," said Ezekiel Owuor, Head of Sales & Marketing for CFC Life.

The absence of compulsory medical examinations means that time will be saved compared to the standard life insurance policies and the cover open to all irrespective of medical conditions.

Speaking at the launch, CFC Life Managing Director, Abel Munda said that LifeVest will offer consumers the opportunity to protect their loved ones while providing a savings vehicle to aid financial planning.

"LifeVest is dynamic because it offers attractive interest rates and investment options. Consumers can choose how they want to invest from low, medium and higher risk options. These include money market fund, balanced and equity funds. We at CFC Life want to ensure customer satisfaction in the investment options they choose, added Mr. Munda.

The LifeVest policy is offered with a minimum cover period of five years and a maximum of 30 years.

The policy targets males and females, students, the employed or self employed, single, married with children or single parents and is pocket friendly with flexible premiums.

LifeVest has been launched at an appropriate time when majority of the Kenyan population remain uninsured. There is a burning need for more innovative products that will make life insurance more affordable to Kenyans.