Insurer starts funeral policy
May 05, 2008
PADRE Pio Insurance Brokers has developed an insurance product that covers funeral expenses among the average income groups. Dubbed ‘Last expense insurance policy’ the product is a response to the absence of a comprehensive insurance product that fully covers funeral expenses and financial suppo
By Charles Bwogi
PADRE Pio Insurance Brokers has developed an insurance product that covers funeral expenses among the average income groups. Dubbed ‘Last expense insurance policy’ the product is a response to the absence of a comprehensive insurance product that fully covers funeral expenses and financial support for the bereaved families.
It covers remains management, grave construction, transport, commemoration, publicity and cash benefits to the aggrieved family.
“The product enables you to pre-plan for a decent send-off by transferring the death-related financial risk to the insurance company,†Irene Kego, the Padre chief executive officer, explained.
She argued that in the current environment where society no longer contributes much towards funerals, it was important to buy such a policy.
Kego said the product was being jointly implemented with Uganda Funeral Services, which handles the entire funeral arrangements plus all the activities involved.
The development of the product comes at the time when the insurance industry is struggling to increase its market penetration.
The penetration levels currently stand at less than 1%.
The drive involves building suitable products that are relevant to the average Ugandan.
PADRE Pio Insurance Brokers has developed an insurance product that covers funeral expenses among the average income groups. Dubbed ‘Last expense insurance policy’ the product is a response to the absence of a comprehensive insurance product that fully covers funeral expenses and financial support for the bereaved families.
It covers remains management, grave construction, transport, commemoration, publicity and cash benefits to the aggrieved family.
“The product enables you to pre-plan for a decent send-off by transferring the death-related financial risk to the insurance company,†Irene Kego, the Padre chief executive officer, explained.
She argued that in the current environment where society no longer contributes much towards funerals, it was important to buy such a policy.
Kego said the product was being jointly implemented with Uganda Funeral Services, which handles the entire funeral arrangements plus all the activities involved.
The development of the product comes at the time when the insurance industry is struggling to increase its market penetration.
The penetration levels currently stand at less than 1%.
The drive involves building suitable products that are relevant to the average Ugandan.