Group life assurance
Secure Your Employees' Futures with Group Life Insurance
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Why you need to provide life insurance for your employees
Upon death, your family may ‘inherit’ your outstanding debt, such as your mortgage bond or personal loan. If you do not have life insurance to cover these unexpected loan repayments, it may result in some forced selling of your possessions. This is why a death benefit is vital. It provides your family income and financial security when you no longer can. In the event of your death, the life cover can be used to repay debt and any outstanding loans and help cover the living costs of your immediate family.
Our Group Life Assurance Benefit will provide an employee’s loved ones with much-needed financial relief in case of the employee’s death. This benefit covers small, medium, or large companies’ employees in the event of death whilst employed.
The benefit will equal the employee’s annual salary at death multiplied by a number chosen by the employee’s company to ensure that your family are cared for upon your death.Our Group Life Assurance Benefit can pay up to 10 times your annual salary.
Our Group Life Assurance Benefit will provide an employee’s loved ones with much-needed financial relief in case of the employee’s death. This benefit covers small, medium, or large companies’ employees in the event of death whilst employed.
The benefit will equal the employee’s annual salary at death multiplied by a number chosen by the employee’s company to ensure that your family are cared for upon your death.Our Group Life Assurance Benefit can pay up to 10 times your annual salary.
This benefit is payable to the employee’s chosen beneficiaries as a lump sum.
- The employer can also choose to add on to this benefit. These include:
- Critical illness cover: This offers an early payment of a portion of the cover if the employee is diagnosed with a terminal illness with a life expectancy not beyond five months.
- Spousal Group Life Assurance: This additional cover for the employee’s spouse is offered at a lower rate, with no underwriting. Cover is up to M500,000
- Our Group Life Assurance has a free legal benefit covering a member up to five legal consultations annually.
In summary, life insurance is important for employees as it offers financial security, replaces lost income, settles debts and obligations, ensures business continuity, and provides peace of mind. It is a valuable benefit that employers can offer to demonstrate their commitment to the welfare of their employees and their families.
Free Legal consultation
Free Will Drafting
Free registration of a Trust
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Free Cover Limit
Free Cover Limit is a Benefit Maximum beyond which medical underwriting is required. All Members whose Group Life Assurance benefit entitlement – based on their current salary and applicable cover multiple are above the limit, are requested to go for medical underwriting for them to enjoy their full benefit.
The following procedure is followed for members who qualify for medical underwriting:
- The Medical Officer sends the following information to the specific member whose GLA benefit is in excess of the Free Cover Limit which indicates the following:
- A letter indicating the medical underwriting procedures that the member is required to undergo for them to be covered for their full benefit entitlement as per the Member’s Scheme Rules
- Relevant medical underwriting forms which will need to be completed by the indicated parties such as:
- Non-Medical Questionnaire
- Medical Application Form
- Blood tests forms
- Once the member has been informed, the member has two options:
- Choose not to go for medical underwriting
- Decide to undergo medical underwriting as prescribed
- If the member opts not to go for medical underwriting, the member’s benefit will be restricted to the lesser of the full benefit entitlement or the Free Cover Limit.
- If the member decides to go for the medical underwriting, the benefit during the period of assessment shall be restricted to the Free Cover Limit in terms of the rules of the scheme.
- The member goes to the designated medical institution for relevant testing.
- The medical institution shall send the test results directly to the Medical Officer.
- The member sends the non-medical questionnaire and the medial forms through the financial advisor or employer to the Medical Officer.
- The test results will determine whether additional premiums must be paid in order to be covered with the full Benefit or whether the Life Assured is fully covered without any additional premiums.
Additional Resources
Beneficiary Nomination Form
Employer Application Form
Group Funeral Registration Form
Know Your Customer Form