Individual Life Insurance

Whole Life Insurance

Lifetime coverage with guaranteed death benefit and cash value accumulation. Applications include:

• Permanent estate liquidity for inheritance tax

• Collateral for business financing

• Forced savings discipline with mortality protection

• Wealth transfer to next generation

Endowment Policies

Combination insurance-savings paying either death benefit or maturity value. Declining popularity due to poor investment returns relative to alternative investment vehicles, but still relevant for:

• Conservative savers requiring forced discipline

• Education funding with mortality protection

• Dowry or wedding planning (cultural savings objectives)

Team Life Insurance

Pure mortality protection providing death benefit during policy term without savings component. Appropriate for:

• Income replacement for dependents during working years

• Loan protection (mortgage protection decreasing term)

• Business key person insurance

• Estate duty planning for high-net-worth estates

AIBL entered life insurance distribution in 2024 through partnerships, recognizing that corporate clients require integrated risk solutions encompassing both business continuation (general insurance) and human capital protection (life insurance).

Group Life Schemes

Corporate Group Life

Employer-sponsored death benefit programs providing:

• Multiple of salary death benefit (typically 2-4x annual salary)

• Funeral expense benefit

• Last expense benefit

• Optional spouse and children coverage

• Premium waiver for disabled members

Loan protection for SACCOs, microfinance, and banks ensuring:

• Outstanding loan balance paid at borrower's death

• Lender protected against default from mortality

• Borrower's estate relieved of debt burden

Group Credit Life

Critical Illness & Disability Coverage

Lump sum payment upon diagnosis of specified critical illnesses and also addresses income replacement during treatment and recovery periods when disability insurance pays but individual cannot work.

• Cancer, heart attack, stroke

• Kidney failure, major organ transplant

• Permanent disability from accident or illness

Dread Disease Insurance

Income Protection (Disability Insurance)

Monthly income replacement following accident or sickness preventing work:

• Occupation-specific disability definitions

• Partial disability benefits for reduced earning capacity

• Rehabilitation benefit encouraging return to work

• Premium waiver if disabled

Education & Savings Plans

University Education Plans

Structured savings targeting children's tertiary education costs, typically 10-18 year accumulation periods. AIBL positions these realistically—investment returns often underperform alternative savings vehicles (unit trusts, money market funds), but forced discipline and premium waiver benefits (policy continues if parent dies/disabled) provide value for clients lacking investment discipline.

Retirement Savings Plans

Individual pension schemes supplementing NSSF statutory contributions:

• Lump sum withdrawal at retirement

• Annuity purchase for guaranteed lifetime income

• Tax efficiency under Income Tax Act (premiums deductible up to limits)