Income Protection

Waiver of premiums

Ensure that your staff members continue to build up a supplementary pension nest egg even while off on long-term incapacity leave.

Continued savings towards retirement

Group insurance benefits will continue to be earned even during periods of occupational incapacity

You take care of your employee

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 employee.

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What is waiver of premiums insurance?

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 benefits 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.

Quickly to

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With waiver of premiums coverage, 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 and the afflicted staff member will begin collecting an allowance from the Sickness Fund plus any additional entitlements via his/her Income Protection insurance. Group insurance contributions will cease and the 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 retirement pension nest egg will continue to grow and their beneficiaries will still be entitled to a death benefit.

Protect your staff members and their families with waiver of premiums insurance.

What about death benefit coverage?

With waiver of premiums insurance, contributions towards death benefit proceeds 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 insurance, you not only protect your staff members, but also their families.

Want to find out more?

Send in your questions about waiver of premiums insurance or request a non-binding quote via the contact button.

Do you have a question?

Contact one of our sales managers