funeral insurance for investment groups

Step by Step Insurance presents a compassionate and affordable solution for families concerned about funeral expenses. Our Last Expense Cover provides financial support during difficult times, ensuring your loved ones can arrange a dignified farewell without the burden of unexpected costs. This comprehensive group funeral coverage starts from as little as KES 400 annually, making it one of the most accessible insurance products in Kenya today.

Understanding the Last Expense Cover

The Last Expense Cover is a thoughtfully designed group funeral insurance that provides cash payment for funeral expenses arising from either natural or accidental death. In recognition of life’s unpredictability, this coverage extends to include deaths resulting from riots and HIV-related complications, offering truly comprehensive protection for you and your family. The policy operates on an annual term basis and can be customized to suit different family structures and financial capabilities.

When a death occurs, the designated beneficiaries receive a lump sum payment that can be used to cover funeral arrangements, outstanding medical bills, or other immediate expenses. This financial support allows families to focus on grieving rather than worrying about funeral costs during an already difficult time.

Key Benefits of the Coverage

The Step by Step Last Expense Cover offers several advantages that set it apart from similar products in the market:

• Immediate cash payment for funeral expenses without complicated reimbursement processes
• Comprehensive coverage for both natural and accidental death scenarios
• Extended protection that includes deaths resulting from riots and HIV
• Flexible family coverage options including spouse, children, parents, and parents-in-law
• Multiple benefit levels to suit different budgets and needs
• Simple and straightforward claims process

Who Qualifies for the Coverage

The Step by Step Last Expense Cover is designed for registered groups such as Small and Medium Enterprises (SMEs), Microfinance Institutions, Savings and Credit Cooperative Organizations (SACCOs), and Investment groups. To qualify for this group coverage:

• A minimum of 10 principal members must join the cover
• Groups with fewer than 100 principal members can select either the Basic or Standard options
• Groups with more than 100 principal members can choose any option from Basic through Premium Plus
• The policy owner must be an employee or member of the insured group

This structure allows organizations to provide valuable benefits to their members while maintaining affordability through group rates.

Family Protection Plans and Options

Family Essentials Plan

The Family Essentials Plan covers the nuclear family unit, including the principal member, spouse, and up to four children. The eligibility requirements for this plan are:

Principal Member/Spouse:

• Minimum entry age: 18 years
• Maximum entry age: 70 years
• Exit age: 80 years

Children:

• Minimum entry age: 1 month
• Exit age: 18 years (can be extended to 25 years if in school)
• Benefit is capped at KES 100,000

Below is a detailed breakdown of the benefits and premium options for the Family Essentials Plan:

Extended Family Protection Plan

The Extended Family Protection Plan builds upon the Family Essentials Plan by including coverage for parents and parents-in-law. This comprehensive option is ideal for families with extended caregiving responsibilities.

Parents and Parents-in-law:

• Maximum entry age: 75 years
• Exit age: 80 years
• Benefit is 50% of the principal member’s benefit and is capped at KES 200,000

Here’s a detailed breakdown of the benefits and premium options for the Extended Family Protection Plan:

Senior Care Extension Plans

Step by Step Insurance recognizes that many families have elderly members requiring extended coverage beyond the standard exit age. We offer two Senior Care Extension options to address this need.

Senior Care Extension 85

This plan extends the maximum exit age to 85 years, providing additional years of coverage for elderly family members:

Principal Member/Spouse:

• Minimum entry age: 18 years
• Maximum entry age: 75 years
• Exit age: 85 years

Parents and Parents-in-law:

• Maximum entry age: 75 years
• Exit age: 85 years
• Benefit is 50% of the principal member’s benefit and is capped at KES 200,000

Senior Care Extension 90

Our most comprehensive age extension plan provides coverage until age 90, offering peace of mind for families with elderly members:

Parents and Parents-in-law:

• Maximum entry age: 75 years
• Exit age: 90 years
• Benefit is 50% of the principal member’s benefit and is capped at KES 200,000

Important Coverage Details and Waiting Periods

Step by Step Insurance believes in transparency regarding coverage terms. Our Last Expense Cover includes the following important provisions:

Waiting Period:

• For accidental deaths: No waiting period (immediate coverage)
• For illness-related deaths: 1-month waiting period for all members except parents and parents-in-law
• For parents and parents-in-law: 3-month waiting period for illness-related deaths

These waiting periods are industry-standard protective measures that help us keep premiums affordable while maintaining comprehensive coverage for all members.

Understanding Single vs. Multiple Claims Options

When selecting your premium option, you’ll notice two different rates: Single Claim and Multiple Claims. Here’s what these mean:

• Single Claim: This lower-cost option allows for one claim payout per family per year. If multiple deaths occur within the same year, only one claim will be honored.
• Multiple Claims: This slightly higher premium option allows for multiple claim payouts for different family members within the same policy year, providing more comprehensive protection for larger families.

How to Apply for Step by Step Last Expense Cover

The application process is straightforward and designed for simplicity:

1. The group official or employer completes one group application form
2. Membership data for all covered individuals is provided using Step by Step’s standard template or through an online link
3. Submit the completed application through a Step by Step insurance representative

Our dedicated team is available to guide you through the application process and answer any questions you may have about coverage options.

Required Documentation

To apply for the Last Expense Cover, you’ll need to provide:

• Completed group application form
• Membership data for all individuals to be covered
• Group registration documentation
• Identification documents for principal members

Claims Process

Step by Step Insurance has designed a straightforward claims process to ensure prompt payment during difficult times. To file a claim, the following steps and documents are required:

1. Complete the claim form
2. Attach copies of:
   • Identification document or birth certificate (for children) of the deceased
   • Burial permit or death certificate
   • Identification document of the beneficiary
   • Police abstract (for accidental deaths only)

The nominated beneficiary must be above 18 years of age to receive claim payments. Our claims department strives to process all valid claims promptly to provide timely financial support to families during their time of need.