What is Old Mutual SME Staffcover?Your employees are much more than workers, they're people with needs, desires and loved ones who depend on them. They also have real concerns about the financial repercussions, if they become disabled, or if they or any of their loved ones pass away. Old Mutual SME StaffCover enables you to offer Life Cover, Occupational Disability Cover or Family Funeral Cover to your employees. Choose any combination of these benefits for your staff, or all three. It’s up to you. You can also tailor the amount of cover to suit your needs and budget.
- Life cover up to R2 million
- Disability cover up to R2 million
- Family Funeral cover up to R50 000
- Employers with as few as 3 employees can get cover
- No blood tests or medicals
- Includes legal foreigners
- Easy online sign up - apply in less than 15 minutes.
This valuable benefit pays a cash lump sum to your employee’s loved ones if he or she dies. The lump sum is paid to whoever the covered staff member nominates as their beneficiary. The person receiving the payout can use the cash for whatever purpose they want to, from settling debts to paying for things your employee’s monthly income used to cover, like rent, school fees and food.
The high cost of a funeral can put huge pressure on the family members left behind when a breadwinner passes away. This valuable Family Benefit will help them to cover some, or all, of the costs of the funeral, so that they don’t have to go through the added stress of money worries at such a difficult time. In addition to the employee the Family Benefit also covers their spouse, and all their legal children (natural or adopted).
This valuable cover pays out a lump sum to your covered employees if they become disabled and that prevents them permanently from doing the duties of their current job or another suitable job. The disability can be due to illness, injury or surgery. Before paying the benefit we will assess the disabled employee and determine whether their education, training, experience and remaining abilities allow them to do a similar job, even for a different company.
Old Mutual SME StaffCover allows you to tailor the way you offer Group Cover to your employees. You can either make it compulsory for all employees to be on the Group Cover scheme, or you can let employees choose whether they want to have the cover or not.
If you want all eligible employees to enjoy the valuable cover, including existing staff and future employees, the compulsory cover option is your best choice. This option has some advantages over the voluntary cover, including lower premiums, less requirements for guaranteed cover and shorter waiting periods. These components are explained later in this brochure.
If you want to give each of your employees the choice of whether or not to join the Group Cover scheme, or if you only want to offer it to some of your employees, then the voluntary cover option is most suitable. The only rule is that you must cover at least five people.
As an employer, you can partner with us to get cover for any employee who is:
- Between 18 and 65 years of age (employees that obtain cover before the age of 65 will remain covered for the Life and Family Benefit cover after they turn 65 up to the age of 90 whilst they are actively at work but their Occupational Disability cover will cease when they turn 65)
- Permanently employed or on contract of at least six months
- Legally employed in South Africa
- Actively working more than 20 hours per week in SA. If you have any employees that don’t meet these requirements, you will not be able to get cover for them, so you should leave them out of any quote or cover application
Adding new employees
It is easy to add new employees to the Group Cover scheme. You can do this simply by logging into the Old Mutual SME StaffCover client portal at https://group.oldmutualstaffcover.co.za/self-service/, and giving us the details of the new staff members and the cover they must get. We will then contact them directly and complete the process.
If an employee leaves your company, you can login to the Old Mutual SME StaffCover client portal and remove them from your Group Cover scheme. Your premium will be adjusted immediately from the date you remove the employee.
Adding new employees
We must be notified within 90 days of any incident that has caused the death or disability of a covered employee. It is therefore vitally important that you make sure your employees and their beneficiaries know about their cover and the 90-day claim requirement. They also need to have all the information available when they contact us to lodge a claim. Details of all the information and documents that need to be included with a claim are provided on our website at https://group.oldmutualstaffcover.co.za/self-service/login. This information will also be available in your policy document, and our claims team can provide more detail or help if you need it. The claims team can be reached at:
- 021 045-1754