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.
Myth 1: Insurance is Too Expensive
Reality: 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.
Myth 2: I’m Young and Healthy; I Don’t Need Medical Insurance
Reality: 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.
Myth 3: Insurance Companies Will Do Anything to Avoid Paying Claims
Reality: 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, takes pride in impressive claims settlement record. The company’s commitment to timely claim settlement has earned it recognition, including the winner of Most Customer-Centric Bancassurance Intermediary award at the 2024 Think Business Insurance Awards.
Myth 4: Only Expensive Items Need to be Insured
Reality: 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.
Myth 5: All Insurance Policies Are the Same
Reality: 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.
Myth 6: I Don’t Need Flood Insurance Because I Don’t Live in a Flood Zone
Reality: Flooding can occur anywhere. Assess your risk and consider purchasing flood insurance for comprehensive protection. Equity insurance can help you assess your needs and find the right coverage.
Myth 7: Having a Good Driving Record Guarantees Low Car Insurance Premiums
Reality: 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.
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.