What can we offer to your clients/customers/employees?

WHAT CAN WE OFFER to your clients/customers/employees?

• Affordable funeral cover in the event of death
• The goal is to assist the end members (your cash loan client) with a cash benefit pay out in the event of death – to assist families when they need it the most
• Waiting period:
• for natural death: 6 months ;
• Accidental death covered in the first 6 months
• Suicide: 12 months
• No exclusions for HIV AIDS or other medical conditions; no medicals required
• The waiting periods apply to new business policies (including new members in the scheme), on the life covered, for deaths associated with natural causes and suicide.
• The insurer will not impose awaiting period on a funeral policy if the policyholder confirms that they have taken out the policy to replace a previous policy where the waiting period was served and the previous policy was cancelled within two months of the application date of the new policy. Proof of previous cover must be supplied
  > This applies to waiting periods served on policies with the same or a different insurer but only when the same life is insured
  > The waiting period will be reduced if, at the start date of the new policy, the policy holder had completed the full/part of the waiting period on the previous, similar policy.

WHAT DOES THIS MEAN FOR YOU?

Example of a waiting period being waived:

John had an individual funeral policy for himself with cover of R10 000, starting from 1 May 2019. The policy was with a registered insurer, Insurer ABC, and had a six-month waiting period. John cancelled the policy on15 May 2020.

On10 June 2020, John decides to take out a new individual funeral policy with cover of R15 000 with Parlour XYZ (underwritten by Old Mutual). However, the policy start date is on payment of the first premium, which is on 1 July 2020. Parlour XYZ has a six-month waiting period on funeral policies.

No waiting periods will be applied to the full cover amount of R15 000 from the policy start date (1 July 2020).

If John dies after 1 July 2020 due to natural causes, the full cover amount of R15 000 will be paid out, provided that the first premium has been received.

What if the previous policy had been cancelled on 1 February 2020?

Even though John served the full waiting period on his policy with Insurer ABC, the new policy was taken out after two months of cancelling the old policy.

What if the new policy was for his mother for cover of R15 000?

Since the insured life on the new policy is different from that on the previous policy, the full six-month waiting period would be imposed on John’s mother and no cover amount would be paid during the waiting period.

WHAT IF YOUR CLIENT STILL HAVE OUTSTANDING DEBT in the event of death? (Applicable to cash loan businesses)

• The claim form provides a section for payment of another person or entity besides the policy holder
• The pay-out will be as follows : loan settled and the remainder of the cash pay-out paid to the beneficiary.
  

WHO is responsible for the ADMINISTRATION OF THE POLICY and MEMBERS?

• FINFO FSP will be handling all the admin functions:
• Claims / updates / changes / complaints
• Policy administration and fulfillment
• Oakfields Administrators responsible for the pay out of the cash benefit
• Sends policy membership schedules to members via svsms
  

SUSTAINABLE PARTNERSHIPS with COMPANIES OR BUSINESSES

• Tailor made products can be designed to address the need of your company / clients or business
• Execution of Sale, FAIS compliance as supported by FINFO Financial Services
• FINFO FSP ensuring FAIS Compliance and maintaining Insurer relationship.

Contact us for more information.