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What is Group Life Assurance?
Group Life Assurance provides life insurance cover for your employees. Old Mutual offers two types of cover - Group Life Assurance (defined benefit) and Defined Contribution Risk. Both these options will be described in more detail below. You are also able to select one or more additional death benefits with either option.
The Group Life Assurance with defined benefits offers the following:
- Provides life cover on a defined benefit basis for members of a group
- On the death of a member, a predetermined (defined) lump sum is paid to the beneficiaries
- Additional benefits may be added to the GLA cover to suit the specific needs of a group
- Benefits can be expressed as a multiple of salary, formula-driven or as a flat cover (monetary) amount
- Cross-subsidies occur between younger and older members
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- This package applies the principle of defined contribution retirement funds to group assurance arrangements
- Lump sum death and disability cover can be purchased on a defined contribution basis, which means that the contribution rate is specified from the outset and the benefit (cover) varies depending on the cost
- Benefits expressed as a multiple of salary
- The multiple varies by age according to the amount of cover purchased in each age group
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The open-ended liability is removed by placing a cap on the overall cost of the risk benefits.
Cross-subsidies between younger and older members can largely be removed if you choose the Defined Contribution option
If you require more information or would like to discuss your company's requirements, please contact one of our Corporate Consultants:
Justina Hamupembe
+264 (0) 819561118
Email Justina
Andreas Shipanga
+264 (0)81 956 1122
Email Andreas
Fabio Do Rego
+264 (0)81 956 1201
Email Fabio