Product Overview Series – Group Life Cover

Product: Pays out a lump sum when a member dies

Particulars:

  • Available until normal retirement age and if selected can be extended (normally to age 70)
  • Can be converted to an individual life policy on retirement or withdrawal with existing insurer (if option selected and criteria met)
  • Educator cover – pays education fees for dependent children after a member’s death (if option selected) – Variations to be covered later in this series
  • Continuation of and increasing group life cover during disability (if option selected)

Current Maximums:

  • Capital Alliance – 10 x annual salary
  • Hollard – 10 x annual salary or R25m
  • Old Mutual – 10 x annual salary or R50m (applies to the sum of death and accident cover)
  • Sanlam – 10 x annual salary or R15m (uncapped on request)

Thank you and regards,
The TSA Team

You’ll find all back issues of TSA Connect by visiting our blog.

All information provided is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.

Vol. 7 Issue 18

Social Media Company Social Media Consultant