Funeral costs heavy burden for Kenyan families
A market survey undertaken by AKI between January and March 2018, found that the rising cost of funerals is becoming a heavy burden for families to bear. In particular, the cost of food and transport were found to take the lion’s share of the budget.
It is no secret that any talk about death is taboo in most communities therefore posing a serious barrier in the uptake of funeral insurance. However, those interviewed during the study noted that many families are suffering in silence, first from the loss of a loved one and second from the negative impact on their finances following the funeral.
Funeral insurance provides an affordable solution to ease the burden of funeral costs. However, awareness of the existence of the cover is very low; and for those that are aware of the existence of the cover, their assumption is that it is very expensive and therefore only for the elite.
The survey provides recommendations on how Kenyan companies can increase awareness and uptake of the funeral insurance product.