Kenyans shy away from funeral insurance cover – Ipsos
Only three per cent of Kenyans have taken funeral insurance cover according to a research by Ipsos Synovate.
The survey was commissioned by the Association of Kenya Insurance (AKI).
It shows funeral expenses cost families and friends between Sh50,000 to Sh2.5 million.
“With premiums as low as Sh100 per month, this is a solution that will go a long way in ensuring families are not left worse-off financially after losing a loved one,” AKI Executive Director, Tom Gichuhi said.
The survey was conducted among 10 focus groups in Nairobi, Kisii, Kisumu, Nyeri and Bungoma counties in March.
Respondents felt that funerals were becoming commercialised.
The survey further showed that communities that bury their dead within 24 hours are estimated to spend about Sh10,000.
In cases where the deceased was hospitalised for a period, the funeral expenses averaged Sh400,000 to Sh2,500,000, setting back families financially.
The study showed that contributions from family and friends as well as from welfare associations are the main ways of funding funeral expenses.
Other ways involve borrowing from banks, saccos, shylocks or other financiers.
“Culture is a good thing. However, we live in different times and the reality is that it is becoming increasingly difficult to fundraise for funerals. Through the campaign we are carrying out on funeral insurance, we aim to start conversations about how we can ease the burden for families when it comes to funerals,” Gichuhi said.
One can take funeral insurance to cover members of their immediate family that is, spouse, children and even parents.
The cover can also be purchased by a group such as chama, employees, church, sacco or any other groups.