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By African Unity Life

Fri, 04 Sep 2020
African Unity Life

As a small business owner, attracting skilled candidates can be a daunting task when considering the benefits and perks bigger companies can afford to offer. However, with group insurance, all organisations can equally compete when seeking and retaining unicorn employees. 

An effective way to offer benefits that your employees will appreciate is with a group insurance scheme. As an authorised financial service, we have tailor-made affordable insurance covers that will help you attract and retain employees, without compromising your budget in other areas. 

Before we unpack the insurance that is suitable for your small business; let’s explain what group insurance is. In short, group insurance is insurance cover for your employees under a single contract with a financial service like us. At African Unity Life Ltd, we know how daunting this process can be, and insurance jargon alone is confusing to those who are new to the market. Fortunately, we have written an article to help you understand group coverage basics your organisation needs. 

Assistance insurance

Our assistance insurance offers two covers; funeral and credit life insurance. 

These two insurances are there to help your employees' families when they are no longer around to take care of them. This cover is particularly important and helpful for workers whose families rely on them for financial support. We understand how expensive funeral costs can be, and how debt can increase the financial burden on those left behind, which is why we have assistance insurance that will help assist an employee’s family. Here is a brief breakdown of what assistance insurance entails:

Funeral insurance 

This is a customised group funeral insurance solution for your employees. It includes cover for your principal member (which is your employee), their spouse and children. This ensures your employee has peace of mind knowing that they and their family are covered should anything happen. For those who have an extended family, we also offer an affordable group funeral cover policy. 

In addition, we have included HIV/AIDS counselling, repatriation of mortal remains and more that families need during this time. How it works is that the family of the deceased employee will receive a cash payout within 24 to 48 hours, which is used to help cover the funeral cost. This cover is ideal for employers who would like to offer their support and help families prepare for a dignified send-off.

Credit life insurance 

It is always beneficial to plan in advance, more so when it comes to money. Credit life insurance is a policy that will provide principal members with peace of mind; should they no longer be able to work. This includes retrenchment, disability or their passing. Unfortunately, when this happens, creditors still need people to stick to their loan agreements, which is why credit life insurance is such an important consideration. Being covered will ensure your employees' families do not suffer when it happens. 

Health insurance 

Unlike medical aid, group health insurance plans are long-term health insurance covers that will help employees take care of their medical needs, and have access to affordable healthcare. When you buy group health insurance from us, your organisation gets a tailored insurance product at an affordable cost. This small business health insurance benefits includes hospital cover for serious health issues as well as maternity, accidents and ICU care. Your employees also receive day to day benefits and get a payout each day they are in hospital. This ensures a healthy, productive workforce.

Life insurance 

A group life scheme is a game-changer for any employee. With schooling and maintaining a family being so costly, life insurance in South Africa is needed. Unlike credit insurance, this cover helps your employees’ family to rebuild their lives and work toward their goals once your employee is no longer around. This includes sending their children to university, paying off a house bond or simply lifting the financial burden for those left behind.

Final thoughts  

No one knows what the future will hold, or what tomorrow will bring. But, planning and offering your employees benefits that help them prepare for financial hardships will not only be beneficial for you as an SME to attract employees, but it will help you nurture a healthy work culture that is built on compassion and appreciation. By keeping your employees healthy and stress-free, you allow them the chance to solely focus on the task at hand; doing their work. Whether we like it or not, your workers’ personal lives can play a major role in the results your business produces. So, why not enjoy the advantages of group employee benefits and create a stress-free environment with African Unity Life Ltd. Contact us today for any questions regarding our group insurance scheme!