As many businesses are currently facing tough times, there are queries regarding conversion of cover arising. We have put together a short list of frequently asked question surrounding conversion options.
When can a member convert their cover?
All four of our insurers will offer the option to convert cover to an individual policy in the case of resignation and retirement, if the scheme has the conversion option rider benefit and if the option is available on that benefit.
Capital Alliance will also allow members to convert their cover in the case of retrenchment and Sanlam will look at retrenchment on a case-by-case basis.
How long must the member be part of the scheme, to convert?
Sanlam and Old Mutual – 6 months
Capital Alliance and Hollard– 12 months
How long, from last active date of service, will a member have to convert their cover?
Sanlam, Old Mutual and Capital Alliance give members a 60 day grace period
Hollard gives members a 30 day grace period
What information does TSA need to action a conversion?
- Date of entry to the group risk
- Date of exit from the company
- Reason for exiting the company (e.g. resignation or retirement)
For Hollard, TSA will also provide a quote request form, which will need to be completed and sent back to us.
How long does it take to for the conversion certificate to be received once all information is submitted to TSA?
You will receive a conversion certificate in 3-5 working days.
Ideally, conversion options will happen within and according to the abovementioned parameters. We understand that things don’t always go according to plan though, and so if you have any special requests or cases that do arise then please don’t hesitate to contact us to see how we can accommodate them.
Thank you and regards,
The TSA Team
Vol 9 Issue 12
