Insurance. The word itself can evoke a mix of emotions, from confusion and skepticism to a sense of security. Unfortunately, misconceptions about insurance often overshadow its true purpose: protecting you from financial hardship in times of unexpected events. Let’s debunk some common myths and shed light on why insurance is essential for every Kenyan.
- Insurance is Too Expensive
While cost is a valid concern, insurance offers significant financial protection for a relatively small, predictable investment. Consider the potential financial devastation of an uninsured medical emergency, car accident, or house fire.
Suddenly, that “expensive” premium seems like a small price to pay. Furthermore, Equity insurance, offers Insurance Premium Financing, providing loans to customers to cover their insurance premiums. This innovative solution makes insurance more affordable by allowing customers to pay in manageable instalments over 10 months, enjoying immediate coverage benefits.
- I’m Young and Healthy; I Don’t Need Medical Insurance
Illnesses and accidents can happen unexpectedly, regardless of age or health status. Health insurance helps cover medical costs, while life insurance provides financial support for your loved ones in case of an untimely demise. Equity Insurance offers a range of health and life insurance plans tailored to different needs and budgets.
- My employer’s health insurance is enough
While employer-provided health insurance is a valuable benefit, many employer plans have coverage caps, meaning they’ll only cover medical bills up to a certain amount. Supplementing with additional coverage ensures continuous protection for long-term healthcare needs and can ensure your entire family is protected.
- Only Expensive Items Need to be Insured
Even small losses can accumulate. Insurance provides financial protection for a wide range of assets, from your home and car to your personal belongings. Equity insurance offers comprehensive coverage options to protect what matters most to you.
- Life insurance only benefits my beneficiaries, not me.
While life insurance provides crucial financial security for your loved ones after you’re gone, it can also be a powerful financial tool for you during your lifetime. Depending on the policy, premiums might be tax-deductible, and some plans accumulate cash value that can be tapped into for needs like a child’s education, a down payment on a house, or retirement income.
- Having a Good Driving Record Guarantees Low Car Insurance Premiums
While a clean driving history is a factor, insurance companies consider other variables. Maintain a good driving record and explore options with Equity insurance to secure the best possible rates.
- All Insurance Policies Are the Same
Insurance policies vary significantly. It’s crucial to compare policies and choose coverage that aligns with your individual needs and risk tolerance. Equity insurance offers a diverse portfolio of policies, allowing you to select the right coverage for your specific circumstances.
- Insurance is made complex to confuse customers.
The jargon and lengthy documents associated with insurance can be intimidating. However, many providers are actively working to simplify the process. Equity, for instance, uses clear and concise language in its policies, provides simplified risk notes, offers comprehensive FAQs, and has trained staff to explain policies in various languages, ensuring you fully understand your coverage.
- Insurance Companies Will Do Anything to Avoid Paying Claims
Reputable insurance companies, like Equity, aim to pay legitimate claims fairly and promptly. Understanding your policy, providing accurate information, and keeping detailed records can significantly streamline the claims process. Kenya’s insurance industry is regulated by the Insurance Regulatory Authority (IRA), providing an additional layer of protection for consumers. While this myth is not far from the truth, carefully selecting your insurance handler informs your claim experience.
A partner like Equity Bancassurance Intermediary Ltd, takes pride in impressive claims settlement record. The intermediary commitment to timely and 100% claim settlement has earned her prestigious recognition, including the winner of Most Customer-Centric Bancassurance Intermediary award at the 2024 Think Business Insurance Awards.
The intermediary achieves this by partnering with reputable insurance companies and upholding the highest standards of integrity, ensuring that our customers receive fair and prompt compensation when they need it most. Equity insurance, believes that insurance is about trust—and she is dedicated to delivering on her promises.
- It takes too long to file a claim, insurance frustrates the process.
The thought of a lengthy and complicated claims process can be daunting during an already stressful time. However, many insurers have streamlined their processes. Equity, for instance, explains the claims process in detail from onboarding, sets expectations about timelines, and outlines required documents. Technology simplifies the process, allowing claims to be filed and documents submitted electronically at any Equity Bank branch. Equity also partners with reputable insurance companies and holds them accountable with clear SLAs for timely claim processing.
Don’t let misconceptions prevent you from protecting yourself and your loved ones. Explore the range of insurance solutions offered by Equity insurance and discover how affordable and accessible insurance can be, especially with Equity’s premium financing option. Visit your nearest Equity branch, talk to an insurance officer, or explore their website to learn more.
