for employees of Small Businesses

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Your employees are much more than workers. They are people with needs, desires and loved ones who depend on them, often financially.

They also have real concerns about the financial repercussions, for them or their family members, if they are disabled, or if they or any of their loved ones pass away.

As a caring employer, you now have an easy and cost-effective way of addressing these concerns for your employees and protecting their financial security, thanks to a unique new Group Cover offering.

Because the Old Mutual SME StaffCover is offered at a group level, it’s a very affordable way for all your staff members to enjoy the benefits and security of life insurance, disability insurance and family funeral insurance. And the group cover structure even makes it possible for employees who may not have otherwise been able to get these types of insurance cover - for example due to existing health issues - to access the cover they need through your Old Mutual SME StaffCover.

What Old Mutual SME StaffCover offers

When you buy a Group Cover policy for your employees, you can customise it to provide them with the type and amount of cover they need, at a price your business really can afford. You can choose any combination of the following benefits:

If an employee with this cover passes away, a lump sum benefit, of between R50 000 and R2 million, will be paid their nominated beneficiaries. As the policy holder, you get to choose the amount of cover for each employee. It can be the same for all your staff, or a multiple of each employee’s annual salary.

The beneficiaries of the lump sum benefit are under no obligations as to how they spend the money they receive. They can use the cash to settle debts, cover living expenses, or pay for the things that the employee’s salary used to cover. The beneficiary will also receive an additional R500 cash per month, for six months, to help cover the cost of groceries. This is a value-added benefit and is offered courtesy of Old Mutual SME StaffCover. There is no cost or additional premium required.

If an employee covered by the Old Mutual SME StaffCover Life Cover is diagnosed with a terminal illness, and is given a life expectancy of less than 12 months, they may have up to 100% of the lump sum benefit paid out to themselves or their beneficiaries in advance. In such instances their cover will then be terminated, even if the covered employee later recovers from his or her illness.

If a covered employee becomes permanently disabled and is not able to perform the duties of their current job, or another suitable occupation, they will receive a lump sum payout of between R50 000 and R2 million. As with the Life cover, you can choose the amount of cover for each employee. It can be the same for all your staff, or a multiple of each employee’s annual salary.

Becoming disabled can result in massive financial burdens for the disabled person and their loved ones. In addition to no longer being able to earn a salary, the lifestyle adjustments and enhanced care requirements for a disabled person can be expensive.

The Old Mutual SME StaffCover Disability Cover is a comprehensive occupational disability benefit that pays out if the insured person is permanently occupationally disabled.

This means they suffer from a bodily injury, illness, disease or surgical operation which results in them being, in our opinion, totally and permanently unable to perform their current occupation’s duties, or the duties of another suitable occupation.

Determining what a suitable alternative occupation will take into account the insured person’s education, previous training, abilities and work experience, and need not be with the existing employer.

There is a six-month deferred period from when the disability occurs to when the benefit will be paid out. This is to allow for a full assessment of the disability and its impact on the covered person.

The amount of cover you select (between R5 000 and R50 000) will be paid out if your employee or any of their family members covered under the policy dies. The cover can be applied to the employee, their spouse and any number of their natural or adopted children under the age of 21. If the employee passes away, the spouse and children will keep the family funeral cover, at no further cost, for another six months.

The Old Mutual SME StaffCover Family Funeral helps to cover the cost of a funeral and allows the family to mourn without having to worry about the additional expenses involved in giving their loved one a dignified farewell.

With the Old Mutual SME StaffCover Family Funeral, your employee can cover him/herself, a spouse and all their natural or legally adopted children under the age of 21. New additions to the family (under 21) can be added after the policy is taken out.

Detailed Quote

For an accurate quote, you will need to provide the following employee details:

  • First name
  • Gender
  • Gross monthly income
  • Date of birth

You can add one employee at a time or download our handy Excel spreadsheet template.

Once you have captured all your employee information, click on Get Quote to see the estimate of what it will cost to provide your staff with the cover you want to. You can choose any combination of life, disability and family funeral cover, as well as the cover amounts you want.

The premium will change as you adjust your selections.

The benefits are as follows:

Main member or spouse100% of cover
Child aged 14-21100% of cover
Child aged 6-1350% of cover
Child aged 0-550% of cover (maximum R10 000)

Buy cover for your Employees

If you want to get valuable Old Mutual SME StaffCover for your employees, all you need to do is follow the Detailed Quote process above.

When you are satisfied with the information, cover and premiums in your detailed quote, you can buy the cover for your employees quickly and easily.

Provide the following remaining details for each employee you want to get cover for:

  • Surname
  • Cellphone number
  • Employment start date
  • Email address (optional)
  • ID number

Then you provide your company details:

  • Company name
  • Registration number
  • Contact details

And click on Get Cover.

If you need help at any time, we have agents standing by to give you more information and assist you through the process.

That’s it. Your employees will be covered. Immediately. We’ll contact them to get the last few personal details we need.

Call us on 021 045-1755