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Sanlam Group Life Insurance Products
Life is unpredictable, but your insurance shouldn't be. Group Life Insurance protects the futures of your employees and their loved ones.
SANLAM GROUP LIFE INSURANCE PRODUCT RANGE
Group Life Insurance Products
Life is unpredictable, but your insurance shouldn't be. Sanlam Group Life Insurance products protect your employee's futures and the futures of those they love, providing peace of mind that their families are covered should they pass away or become disabled and unable to work.
Life Insurance
If an employee passes away, life insurance usually pays a lump sum to nominated beneficiaries, or a pension to the employee's spouse and children.
Benefits can be provided by a retirement fund (an approved group policy issued to the fund), or it can be payable under a separate group insurance policy (employer or unapproved group policy issued to the employer).
The lump sum benefit is usually determined as:
A multiple of their salary, or
A formula, or
A fixed cover amount
Flexible Life Insurance
In the event of death, an additional lump sum - established by the employee - is paid over and above the minimum compulsory portion.
By providing both a minimum death benefit and flexible death benefit, every employee can choose how much insurance they need. It also gives your staff the power to adapt their Flexible cover amount, either annually or at certain predefined life events, as their needs change over time.
As the employer, you can add these additional benefits to both Group Life Insurance products:
Accident Insurance (on death and/or loss of bodily function)
Conversion option
Continuation of insurance disability
Growth in insurance during disability
Accident Insurance
Accident Insurance provides a lump sum benefit at the employee's death and/or loss of bodily function from an accident that occurred in the preceding 12 months. In the case of death, 100% of the Accident Insurance amount is paid.
If there is a loss of bodily function, the benefit payable varies from 25% to 100% of the Accident Insurance amount.
Spouse's Life Insurance
Spouse's Life Insurance pays a lump sum benefit to your employee on the death of their spouse.
This insurance will be compulsory for all employees' qualifying spouses, and can be determined as a multiple of up to two times the employee's annual salary or fixed amount.
As the employer, you can add these additional benefits:
Conversion option
Spouse's lump sum Disability Insurance
