Photo: Gwamaka Charles., Wikimedia Commons, CC BY-SA 4.0Life insurance in Kenya
Life insurance in Kenya: types of policy and who sells them
Short answerChecked 23 September 2026
Life insurance in Kenya is sold by 22 long-term insurers licensed by IRA for 2026, and it is the fastest-growing part of the market: life premiums reached KES 235.39 billion in 2025, up 23.1%. Kenyan law does not give a general cooling-off period for life policies, so ask the insurer, in writing, whether you can cancel and get a refund.
The main types of life policy
| Type | What it does | Good for |
|---|---|---|
| Term life | Pays a lump sum if you die during the term | Protecting a family or a loan at low cost |
| Whole life / last expense | Pays whenever you die, as long as premiums are paid | Funeral costs, inheritance |
| Education policy | Saves towards school or university fees, often with cover if the parent dies | Planning children's education |
| Endowment / savings | Pays at the end of the term, or earlier on death | Medium-term savings |
| Credit life | Repays a loan if the borrower dies | Often required by banks and SACCOs |
What to check before you sign
- The insurer holds a long-term licence on the IRA list.
- What happens if you stop paying: the grace period, lapse, and the surrender value.
- For savings and education policies, how returns are calculated and what is guaranteed.
- Whether you can cancel a new policy and get the premium back, and within how many days — ask for it in writing.
- Who your beneficiaries are, and keep the policy documents where your family can find them.
IRA publishes its consumer principles under Treating Customers Fairly.
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Frequently asked questions
How many life insurance companies are there in Kenya?
22 long-term insurers are licensed by IRA for 2026, according to its notice dated 30 March 2026.
Is there a cooling-off period for life insurance in Kenya?
We found none in the Insurance Act or the Insurance Regulations. Ask the insurer whether it offers one, and get the answer in writing before you sign.