Income protection
Provide your employees on long-term sick leave with solid financial protection with a supplemental monthly income.
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Give your staff members the security of knowing that their supplementary pension contributions will continue as usual even while on long-term incapacity leave.
Waiver of Premiums
Why should your company provide this coverage?
Continued savings towards a supplementary pension
Group insurance benefits continue to be earned during periods of occupational incapacity.
You show your employees that you care
Your staff members will have the security of knowing they can rely on their employer when they need it most.
No reduction in death benefit coverage
Death benefit coverage for your staff members will remain intact... and looking after their families matters when you're a caring employer.
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What is Waiver of Premiums coverage?
If your staff members are off on long-term incapacity leave, they forfeit the right to their group insurance benefits. The main downsides are that their loved ones can no longer claim any death benefit entitlements if they pass away during their sick leave, and they stop saving towards their supplementary pension as you, their employer, no longer have to pay their group insurance premiums.
But with Waiver of Premiums coverage, their supplementary pension nest egg will continue to grow, and any death benefits they’ve set aside for their beneficiaries will remain intact.
But with Waiver of Premiums coverage, their supplementary pension nest egg will continue to grow, and any death benefits they’ve set aside for their beneficiaries will remain intact.
Your staff members will have the security of knowing that their supplementary pension contributions will continue as usual.
Group insurance contributions during occupational incapacity leave
After 30 days of occupational incapacity leave, most employers stop paying a salary. The employee will begin collecting an allowance from the Sickness Fund plus any additional entitlements via their Income Protection insurance. At this point, group insurance contributions will cease and the associated covers will be suspended. This also means that no contributions will be made towards the supplementary pension, and any Death Benefit coverage will be lost.
Waiver of Premiums coverage will take over the funding (= employer + individual contributions, where applicable) of the group insurance benefits. This way, your staff members get to keep their coverage as is: their supplementary pension nest egg will continue to grow, and their beneficiaries will still be entitled to a death benefit.
Waiver of Premiums coverage will take over the funding (= employer + individual contributions, where applicable) of the group insurance benefits. This way, your staff members get to keep their coverage as is: their supplementary pension nest egg will continue to grow, and their beneficiaries will still be entitled to a death benefit.
What about Death Benefit coverage?
With Waiver of Premiums coverage, contributions towards Death Benefit coverage will continue to be made for staff members on occupational incapacity leave.
One of the benefits of this coverage is that it entitles the beneficiaries to claim a certain sum if your staff member should pass away during their extended sick leave.
With Waiver of Premiums coverage, you not only protect your staff members, but also their families.
With Waiver of Premiums coverage, you protect your staff members and their families.