A group life policy provides for the inevitable – death! It covers the employees for their lives during their employment and provides immeasurable relief to their dependants should they die in service. The policy is an annual contract to pay a lump sum often expressed as a multiple of salary.
It can be provided with riders which enhance benefits such as critical illness, disability and funeral expenses.
In order to attract, retrain and motivate high quality employees, it is vital that any organization develops a flexible and innovative employee benefits package.
Nexus Insurance Brokers Limited expertise is in setting up and managing all types of pension schemes and group risk arrangements. We are able to advice on new legislation changes and their impact on your staff arrangements. We can work on behalf of pension scheme trustees, directly for the employer, or with both.
At Nexus Insurance Brokers Limited, we are able to structure a range of products to suit your requirements in any of the following categories:-
- Establishment of group retirement benefit schemes arrangements
- Administration of occupational pension schemes and provident funds
- Establishment of Personal retirement benefit schemes
- Group investment plans
- Personal investment plans
Group mortgage protection schemes
A group mortgage policy covers the lives of those employees who have mortgage commitments. It pays a lump sum benefit at the time of death to offset the outstanding loan. This provides immense relief to the family of the deceased as they are spared the agony of having to deal with mortgage debts.
Individual life protection
Individual life protection is the first step towards financial security – that is the certainty that in the event of your death, your family would not suffer adverse changes to their lifestyle due to your early demise. Life insurance provides cash to your family on your death. This replaces your income and helps your family meet the financial obligations that your were previously managing such as living expenses, mortgage payments, education expenses etc.
Group Last Expense schemes
A group last expense scheme is extremely useful in these days of frequent deaths as a result of lifestyle illnesses, road accidents and so on. A group last expense cover pays a funeral assistance cash lump sum within 48 hours of the death. The sum assured can vary from Kshs. 50,000 to Kshs. 250,000 for a fairly low premium. The lump sum saves the family from organizing expensive and time consuming harambees.