Group Funeral Insurance from Lion of Africa
Lion of Africa is a leading short-term insurance company in South Africa. Significantly, the company specialises in commercial and personal lines insurance including a funeral cover offer.
Most funeral cover service providers in South Africa offer group burial insurance. Group funeral cover caters for the employee, their spouse and children. And members get this insurance as a benefits package on a wholesale basis. So the advantage of group insurance is that it costs the individual worker far less than if they had to buy a policy on their own.
Lion of Africa started out in 1999 and today they offer tailor made group funeral death benefits, which means they can then provide groups such as churches, burial societies, stokvels and funeral directors with funeral insurance.
Aspects of Lion of Africa Group Funeral Insurance
- Cover of extended family up to the age of 85 years.
- Age of entry for the primary member is 65 years.
- With voluntary schemes, members choose their level of cover.
- With the correct documents, Lion of Africa pays claims within 48 hours.
- Premiums are affordable.
- There are waiting periods for a natural death.
- No waiting periods apply to accidental death.
- And guaranteed membership.
Often, a standard feature of group insurance is that the premium cost on an individual basis does not take into account personal risk. So it is the same amount for all the insured persons in the group regardless of their age or other factors.
Therefore, group policies are attractive to consumers because the average price per membership is often lower. Group insurance essential offers coverage to a group of people belonging to a collective community. So while the plans are uniform in nature, Lion of Africa can then customise them to provide benefits according to the profile of employees.
Lion of Africa Customised Group Funeral Cover
Significantly, Lion of Africa offers customised group funeral death benefits. Thus, apart from assistance with product design and risk management, Lion of Africa also provides an administrative service which then allows clients to manage their portfolios.
So with compulsory group schemes, Lion of Africa offers tailor-made benefits to trade unions and employer groups, with single and family allowances offered.
Importantly, Lion of Africa Life Assurance Company is an authorised financial service provider and their requirements for a group scheme include:
- Membership 250-100 000 + members.
- Maximum entry age 84 years.
- Past 12 months claims experience.
- Current products plan if an existing scheme.
- If an existing policy then current terms and conditions.
- Extended member to pay single rate.
- Price adjustment requires 30 days’ notice.
- The transporting of mortal remains included.
- And for new members, there is a waiting period of 6 months.
South Africans enjoy being part of Lion of Africa because they are fully licensed, adhering to all rules and regulations of the Long-Term Insurance Act of South Africa.
The company specialises in innovative life assurance and funeral cover, which are designed for individuals and families and group funeral cover schemes. Their members enjoy personalised solutions which then cater for private persons, families and business in South Africa. And they offer guaranteed quality and affordable premiums.
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All info was correct at time of publishing