Affordable protection for your staff and your business with business cover solutions from Liberty.

Protect your staff and their families with affordable, comprehensive death and disability cover.

 

Other Details:

 

What is group life cover for business?

 

Group Life Cover is a benefit offered by an employer or an organised group. These are standard group life policies which pay claims on the death or disability of a member.

Group Life Cover protects families and their assets at minimal cost to the policyholder. This is annual cover, which will cost less than if they had to purchase an individual policy. This policy is ideal for corporate, parastatals and government agencies, SMEs, educational institutions and religious bodies.

 

Group Life Cover

Our Staff Group Life Cover cover gives the employer and employees peace of mind that in the unfortunate event of death, the employees’ dependants will receive a cash benefit, thereby minimising financial burdens. 

 

Combined Solution

As an employer, you can also elect to have a combined solution that will include the Group Personal Accident Cover (GPA) and Work Injury Benefits Act (WIBA). This option allows employers to save up to 30% of premiums, were two separate covers to be taken up.

What does group life cover typically offer?

 

Death Benefit: Payable on death from illness (natural causes) or accidental. The amount payable is either a fixed sum or a multiple of the employee’s annual salary. The benefit is paid out as a lump sum to either the employer or the designated beneficiaries of the deceased employee.

 

Disability Benefit: Payable on disability from illness (natural causes) or accidental. The amount payable is either a fixed sum or a multiple of the annual salary. The benefit is paid out as a lump sum to either the employer or the designated beneficiaries of the deceased employee.

 

Funeral Expense: An optional Funeral Expense Benefit that can either be purchased separately or be taken as an advance payment of the main Group Life benefit. Spouses and children of the staff members can also be covered at a minimal cost.

 

Critical Illness Rider: A Free Critical Illness benefit equivalent to a percentage of Group Life sum assured per person is payable on the first time diagnosis of any of the following diseases: heart attack, stroke, cancer, coronary artery disease surgery, major organ transplant, kidney failure, paraplegia or paralysis.

THE BENEFITS OF GROUP LIFE COVER

FOR EMPLOYERS…

• Financial certainty since risk has been transferred to the insurer.
• Boosts employee morale and increases job satisfaction and motivation.
• Enhances staff retention.
• Attracts good talent due to improved benefits.

 

FOR MEMBERS…

• Members can carry on their day-to-day duties with knowledge that their beneficiaries will be well taken care of in case of their untimely death or disability.
• Members can access funds to pay for medical expenses for a number of critical conditions.
• Dependents can access funds to pay school fees and education-related expenses or to clear loan debt in event of untimely death of the employee.
• Members can also use funds to purchase mobility aids such as wheelchairs, or artificial limbs in case of disability.