Protecting employees, supporting families

Today, financial security has become a priority for individuals and families because of the uncertainties attached to the current harsh economic realities. Employers can play a critical role in ensuring this security, through salaries and benefits, as well as providing protection against life’s uncertainties. One of the most impactful ways organisations can do this is through signing up for Group Life Insurance.

What is Group Life Insurance?

Group Life Insurance is a life insurance policy that covers a group of people, typically employees of a company, under a contract. The employer provides coverage for everyone in the group or organisation, often as part of the benefits package attached to their contracts.

Why is it Important?

The core purpose of Group Life Insurance is simply to provide financial support to an employee’s family in the unfortunate event of death. For many families, losing a breadwinner can create both emotional and economic hardship. Tangerine Group Life Insurance is designed to ease this burden by ensuring that dependents receive a lump sum (called the death benefit) to help with living expenses, education costs, or even debt repayment.

The beneficiary of the policy is entitled to a minimum of 3 times the deceased member’s total annual emoluments. The policy could also be extended to cover critical illness & and funeral expenses.

Key Benefits

For Employees:

• Financial Security – Peace of mind knowing their loved ones will be taken care of.
• Affordability – Coverage is usually provided at little or no cost to employees.
• Accessibility – No lengthy medical exams; employees are automatically covered as part of the group.
  
  

For Employers:

• Talent Retention – Getting Group Life Insurance enhances the overall benefits package, helping attract and retain skilled employees over longer periods of time.
• Workplace Morale – Employees feel valued when their well-being and their family’s security are prioritized. This can, in turn, drive increased productivity of employees.
• Corporate Responsibility – Demonstrates care and commitment beyond the workplace.
• Compliance - The Pension Reform Act 2014 makes Group Life compulsory for employees in active service; the scheme shall apply to employees who are in the employment of an organisation with 3 or more employees.
  
  

How Does it Work?

• The employer purchases the Group Life Assurance policy from an insurance provider.
• All eligible employees are automatically enrolled.
• If an employee passes away while the policy is active, the insurer pays the agreed sum assured (death benefit) to the employee’s nominated beneficiary.
  

Why Tangerine Africa?

At Tangerine Life, we're committed to helping you secure your financial future with confidence. Our range of innovative insurance products is designed to meet your unique needs, providing peace of mind for you, your employees, and your loved ones.

Explore our offerings and discover how we can provide cover for all that matters most to you.