Frequently
Asked
Questions

Why should I consider
Old Mutual SME StaffCover?

Your employees are often family breadwinners. If tragedy strikes, their dependants may be left destitute. As their employer, you may be left with a moral responsibility towards their families. The chances are that many of your staff do not have life cover, or where they have it, it is insufficient. Old Mutual SME StaffCover is typically much cheaper than the cover your staff might have taken out for themselves. So, if you can get them insured at a lower cost, they might be able to save substantially if you pass the cost on to them. Also, some of your staff may not be able to get cover for themselves due to existing health issues. You can get Old Mutual SME StaffCover with just 1 employee, and if you have at least 5 employees then everyone can get cover, regardless of their state of health.

What can I expect to pay for Old Mutual SME StaffCover?

Cover is generally much cheaper than what your employees could get themselves. We recommend getting a sample quote by clicking here, to see for yourself – it takes seconds.

How does the product work?

Old Mutual SME StaffCover offers 3 different benefits – Life Cover which pays out a lump sum in the event of your employee’s untimely death, Disability Cover that pays out should your employee become disabled and unable to continue working and Family Funeral Cover that help cover the costs associated with the funeral of your employee or one of their family members. You, as the employer, can choose all 3, or any combination of benefits – it’s up to you. You can also tailor the amount of cover per benefit to suit your budget.

Is there a waiting period before claims will be paid out?

There is no waiting period for life and family funeral cover claims. However, there is a 6 month waiting period for disability claims, where cover will be limited to accidental causes. Waiting periods may be waived where your Old Mutual SME StaffCover policy is replacing an existing group cover policy.

How long does the whole process take from start to when my staff are covered?

If you have all the employee information ready (i.e. name, gender, birth date, salary, ID/passport number and employment start date), the entire process will take less than 15 minutes – it’s entirely online, no paperwork.

Is our organisation not too small to take out cover?

An organisation with only 1 employee may qualify for Old Mutual SME StaffCover!