Funerals vs Insurance: A Call for Rethink in Kenya
One of the most surprising facts about many African societies, Kenya included, is how little people use insurance, even after decades of independence. Insurance agents know this well: selling life and health insurance is often the hardest part of their job. Here is a common story. An elderly parent falls ill and is admitted to hospital. The children are working and earn good salaries, but the parent has no health insurance. Hospital bills rise quickly. To cut costs, the family moves the parent to a cheaper facility with lower quality care. Tensions grow at home. Savings are used up and assets are sold. If the parent dies, the same children suddenly raise large sums for a funeral — and money appears almost overnight. That raises a simple question: would it not be cheaper to buy health insurance for parents before they retire? Insurance companies now offer plans that cover people into their seventies and beyond. Yes, premiums for older people are higher, but they are usually fa...