Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
In Mombasa, Kenya, as in the rest of the country, life insurance is a crucial part of financial planning. It offers financial security to your loved ones in the event of your demise. The comprehensive policy automatically pays a predetermined amount to the named beneficiaries. Life insurance law in Kenya is regulated by the Insurance Regulatory Authority (IRA) which oversees the conduct of all insurance companies, brokers, agents, and other entities involved in the insurance sector.
Life insurance can involve complex legal terminologies, conditions, and clauses that might be difficult to decipher without professional help. Wrong interpretation can lead to unsupported assumptions about your policy. Additionally, there could be instances where an insurer unjustifiably denies a claim. In such situations, it's beneficial to have a lawyer who can help review your policy, negotiate on your behalf, or even represent you in court if necessary. A lawyer can also provide essential advice on how to best structure your insurance policy to suit your unique needs and circumstances.
In Mombasa, Kenya, the key laws governing life insurance include the Insurance Act (Cap 487) and Regulations that set the rules for insurance contracts, product guidelines, conduct of insurance companies and intermediaries. One of the key points to note is that insurance companies have an obligation to settle all genuine claims within a period of 30 days after all necessary documentation have been received. Failure to abide by these rules may lead to severe penalties for the insurance company.
Your coverage may lapse if you fail to make premium payments within the specified grace period. In such cases, any claims made during the period of the lapse may not be honored by the insurance company.
Yes, you can change your named beneficiaries at any point during the term of your policy. It's advisable to consult with a lawyer to ensure the changes are effected correctly and legally.
The Insurance Regulatory Authority (IRA) is a government body tasked with the regulation, supervision, and development of the insurance industry in Kenya. It handles issues such as licensing, monitoring, regulating premium rates, promoting fair and ethical business practices, and protecting policyholders' interests.
If your claim is unjustly denied, you can challenge the decision with assistance from a lawyer. You can also report the issue to the Insurance Regulatory Authority for further action.
Life insurance benefits are usually not taxed in Kenya. However, to confirm the situation and take necessary steps if required, it's advisable to consult a lawyer or a tax professional.
Additional information and resources regarding life insurance can be found on the websites of the Insurance Regulatory Authority (IRA), Association of Kenya Insurers (AKI), and the Kenya Law Resource Center. These organizations provide in-depth advice, guidelines, and updates on life insurance in Kenya.
If you need legal assistance related to life insurance, start by identifying a reliable lawyer with expertise in insurance law. Check their credentials, experience, and reputation before hiring. It's advisable to consult a lawyer when you are purchasing a life insurance policy, reviewing an existing policy, updating beneficiaries, or dealing with a denied claim. Remember, understanding your policy thoroughly and having professional help at hand can ensure your interests and those of your beneficiaries are well protected.
