Group Income Protection

Insurance against disablement is a vital part of any employee package. Now Old Mutual Corporate offers groups new and innovative ways to protect their members through the innovative and comprehensive Group Income Protection solution.

Group Income Protection from Old Mutual is innovative and comprehensive group income cover to meet the full financial need of employees. In a nutshell, it provides a monthly income for employees who have become occupationally disabled. It also introduces options cover for maternity leave.

Key features include:

The first of its kind, a 100% income replacement option for both the initial and extended period insures the real value of members’ ability to earn an income, without having to meet additional assessment criteria.
An escalation option of inflation + 2% gives closer alignment between the annual benefit increase and salary increases that are higher than consumer inflation.
The same definition of disability for all members of the group including those who work as pilots, drivers, security guards and sea-going fishermen.
Flexible waiting period options that effectively extend the payment period.
Backdated benefit payments for all or part of the waiting period.
Maternity leave benefits enables employers to add maternity leave cover for refunds of up to four months.
Global solution cover in any other country is automatically included for up to 90 days, with no limit on the number of trips in a year. Members now enjoy cover for unlimited periods while in the following countries: Australia; Botswana; Canada; France; Germany; Ireland; Italy; Lesotho; Mozambique; Namibia; Netherlands; New Zealand; Poland; Portugal; South Africa; Spain; Swaziland; Switzerland; United Kingdom; United States of America.

Structure the core income protection cover

The core income protection cover can be structured to optimally meet a specific group’s insurance needs:

Income replacement ratio: 100%; 75%; Other.
Waiting period: Choose any waiting period between 1 and 12 months. The most common choices are 3 and 6 months. Consider backdating benefit payments for the entire waiting period or a part of it, e.g. a 3 month waiting period could be backdated for all 3 or for just 1 or 2 of the benefit payments.
Definition of disability: Choose a more generous definition of disability for the initial period. The standard definition in the extended period is alternative occupation with any employer.
Duration of initial period: The initial period includes the waiting period: 12 months; 24 months.
Escalation options: Inflation + 2%; inflation + 1%; inflation; inflation up to a cap, e.g. 5% or 10%. Inflation is based on the Consumer Price Index.