Your iWYZE policy has a built-in premium waiver which means that, if you are retrenched, we will pay your iWYZE premiums for up to six months.
Now losing your job doesn’t have to mean losing your insurance.
No one wants to think about being retrenched, but in today’s tough economic times it’s a situation that can happen to anyone. And when a family loses an income, insurance is often the first thing to go. With iWYZE’s retrenchment premium waiver, you can be sure that your insurance protection will remain in force – and that you will be fully covered for up to six months.
Here’s how it works
- If you are retrenched by your employer, iWYZE will pay your monthly iWYZE policy premiums for you for up to six consecutive months of your unemployment.
- Your existing cover and benefits will not be affected during this time. After the six-months has passed, or if you are re-employed during this period (whichever comes first), you will once again be responsible for the payment of your premiums.
Important Notes
You will have to have had your iWYZE policy for a minimum of three months with no break in premium payment and have been in active full-time employment for at least 12 consecutive months (before the retrenchment occurs) to be eligible for this benefit.
You will need to have returned to full-time employment for 12 consecutive months before another claim can be made.
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iWYZE is underwritten by Mutual & Federal Insurance Company Limited, a member of the Old Mutual group. Mutual & Federal and Old Mutual are Licensed Financial Services Providers.