How a Life Insurance Plan Helped John's Family

On 25th September 2023, I met Margaret*, a widowed mother of 2 and she was open to narrating her story.

In the quiet suburban neighborhoods of Milimani Estate lived John and his family. A dedicated father of 2 young children, Eric (4) and Faith(6). John was a responsible person, always looking out for the well-being of his family.

In June 2012, unfortunately, tragedy struck. John was involved in a car accident on his way to work in the CBD, and despite the emergency efforts of the medical team, he didn't make it. His sudden and unexpected passing on had left his family in shock and grief, being the sole breadwinner.

A month into John's passing, Margaret received a call from an insurance company that informed her that her late husband had taken out a life insurance cover that needed to be paid out. He had taken out a life insurance plan years earlier to ensure his family's security.

Days turned into weeks, and the grief began to mix with the harsh reality of their new life without John. The family had relied on his income for their daily expenses, mortgage, and the children's education. The financial burden was becoming overwhelming.

In October 2012, Margaret visited the company after attaining the necessary documents and information. She soon received the Life Insurance payout, which was a substantial sum of KES 10 million. The money paid out couldn't bring John back, but it could secure their future.

With the Life Insurance proceeds, Margaret was able to do several things:

• Set up an education Fund (about 2 million) for Eric and Faith, assuring that they could continue with their studies and fulfill their father's dreams for their futures.
• Invested a portion of the insurance payout - 2.5 million in a mutual fund and fixed deposits, providing an avenue that provided a source of ongoing income to cover their daily expenses.
• Saved a part of the money to cover for emergencies and unexpected future needs.
• Cleared the 1.8 million mortgage on their house, ensuring that her family had a roof over their heads without the looming threat of foreclosure.

To date, Margaret is entirely grateful for the insurance company's life insurance payout, and while interacting with her in Nairobi, I helped her seamlessly onboard on her life insurance plan.

Eric and Faith continue to pursue their education on the educational fund set up from the life insurance payout, while Margaret runs a business in Nairobi.

Such testimonies have continued to motivate me to create more financial awareness of the importance of Life Insurance, and the overall reception has been positive.

*I have changed their names for data protection reasons and privacy.

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