Monarch Insurance Review

monarch-insurance

Monarch Insurance Review

Are you a business personnel with assets that you would like to protect? Or have to because losing them would cause a financial slide? You could simply be an individual with valuable assets that you would like to protect. This is where insurance comes in and provides compensation for all your assets in the event of a loss. Monarch insurance has provided this kind of service for over 4 decades now, and are one of the best.

Monarch insurance operates with laid down effective strategies that help you achieve financial freedom. Their core belief is that you can accomplish this by making the right decision now and, and taking control of your money today. Monarch insurance provides you with financial education and the right information that helps you protect your money.

Why Monarch Insurance?

Asides providing insurance services since 1979, Monarch insurance have core values and beliefs that are easily seen in their operation. They are:

–   Good competitive pricing.

–   Excellent customer service.

–   Services that cater to all your needs.

–   Financial education to help you make strategic choices.

Monarch Insurance review – What services do they offer?

Monarch insurance offers vast coverage across several areas. In a sum up, their services are:  

1) Group Life Cover: 

This is a benefit that you can enjoy through being an employee or member of an association or labor organization. It is offered by your employer or an aggregator of such a group. This insurance covers each person at a much lower cost than purchasing a respective individual policy. As a beneficiary, you do not have to pay anything because your employer or the group covers all expenses.

What are the exact available benefits under the group life policy?

·         Death Benefits: a sum is paid in the event of the death of one of the beneficiaries of this policy. Death should be a result of natural or accidental causes. The benefit is paid as a lump sum to either your sponsors or designated beneficiaries according to the specifications in your contract.

·         Last expense: last expense provides additional benefits to facilitate the remains of the deceased member. The sum could either be paid as a separate cover or part of the full death benefits described above. The benefits range is from Kshs 30,000 to Kshs 200,000.

Are they any other things I should know about the group life policy?

Yes, there are. Here is a summary of other things you should know:

–   Group life policy has a minimum entry age of 18 years and a maximum of 72. Your application above the age of 72 is reviewed individually and no longer as part of the group.

–   Riders are available for complimentary benefits to your plan at relatively lower costs. It includes coverage on total and permanent disability, critical illness, group disability income insurance, temporary total disability, and medical reimbursement. Subscribing to riders offers extra amazing benefits.

What documents are needed for registration?

–   A duly executed group master proposal form.

–   List of all active members with their details duly signed by an authorized officer of the assured.

–   Application form of each member with proof of age.

–   After submission, an initial costing schedule is prepared.  

2) Group Last Expense Policy: 

This policy bears a resemblance to the group life cover policy, and provides life insurance for you as a member of a formal group. They fix the benefit.

Requirements/ qualification

·         All persons must be between the age of 1 to 80 years.

·         It is available for family coverage (spouses and kids).

·         Children must be between 1 month and 21 years of age, and only a maximum of 4 is allowed.

·         Payout limits for adults are between Kshs, 10,000, and Kshs. 500,000.

·         Payout limits for children are between Kshs. 10,000 and Kshs. 300,000.

·         The minimum annual premium payment per group is Kshs. 20,000.

3) General Insurance: 

This policy provides a general cover for risks on assets at work. It applies during personal indulgence and other activities. Some specific areas of protection are:

·         Engineering.

·         Domestic and industrial fire.

·         Liabilities.

·         Marine.

·         Personal accident.

·         Theft.

·         Workmen compensation.

·         Private motors.

·         Commercial motors.

·         Miscellaneous (golfers policy, plate glass, custom bond, and immigration security bond).

4) The Monarch education plan:

 Although this service is more like a savings plan, it also involves some form of insurance, which is why we included it here. It has a 9 to 20 years term and helps you as a parent, meet the financial needs of your child’s education. This policy still holds in the event of an unfortunate loss of life.

The plan also has other policies that cover vacations, credit life assurance and loan protection, and further education finance (MSc, Business school, Ph.D., etc.).

Conclusion

Monarch insurance offers several services that cover just what you need. For more information, you can visit their official website at www.monarchinsurance.co.ke, or call 0705 / 86426931, 020 4292000.

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