As Southern Africa's leading provider of death and disability benefits, Old Mutual Group Assurance delivers practical, flexible group life cover solutions to meet your company's needs.
There are three options on offer:
With all three of the options listed above, you have the ability to select one or more of the following as an additional benefit:
Terminal Illness Benefit
With the alarming rate of HIV/AIDS deaths and the increasing incidence of terminal illnesses, this much-needed benefit allows for the early payment of death benefits on diagnosis of terminal HIV/AIDS and other terminal illnesses.
Child Education Benefit
The educational needs of children are put under increased pressure when a parent passes away. The Child Education Benefit provides an income for each of the surviving children to approximately cover the expected costs of education. While this benefit is designed to provide for the child’s educational costs, there is flexibility around how it may be utilised.
Healthcare Protection Benefit
On the death of the member, an income is paid to approximately cover the expected medical aid premium costs of the dependants. A range of escalation options is available. While this benefit is designed to provide for medical aid premium costs, there is flexibility on how it may be utilised.
Accident Death Cover
People are generally not prepared for the sudden death of an income earner. Death by accident could leave the family with inevitable debts and expenses that they had not anticipated and for which no financial provision has been made. In certain circumstances the chance of accidental death is relatively high, and employers may wish to provide accidental death cover in order to give the employee and his/her family peace of mind.
Spouse's Life Cover
The death of a spouse is not only traumatic, but it can also be financially disastrous. Very few people are ever prepared for the loss of a second income, medical costs or many other life adjustment expenses. Rather than providing separate cover for themselves, spouses can also benefit from the group arrangements through the provision of Spouse's Life Cover.
Spouse's and Child's Pension Cover
When an employee dies, the remaining spouse is often left without an income and the dependants are as a result left with a heavy financial burden. The Spouse's and Child's Pension Cover is designed to provide for the remaining family members.
If you require more information or would like to discuss your company's requirements, please one of our Group Assurance consultants.