Risk Products

Three main types of risk cover is available

• Death benefits
• Disability, impairment and dread disease benefits
• Funeral benefits

Capital Alliance Group Risk also provides a comprehensive range of risk products to choose from.

Death benefits

Group life assurance benefits

Group life assurance cover is a lump sum benefit paid on death.

Accidental death benefits

Benefits will be paid in the event of death occurring as a direct result of bodily injury caused by violent, accidental, external and visible means. Death must occur within 90 days of the accident.

Spouse’s death benefit

On the death of a spouse, a lump sum will be payable to the member.

The spouse covered in terms of this benefit is the named person to whom the principal member is legally married and includes a party to:

• a customary union according to the Customary Marriages Act; or
• a union recognised under the tenets of any Asiatic religion; or
• a life partner in a relationship which the Board of Trustees consider akin to a marriage; and
• where polygamy is practiced, spouse means the specific spouse nominated by the member.

Disability, impairment  and dread disease benefits

Disability & impairment benefits

Both disability and impairment benefits are offered on a capital or monthly income basis, and are assessed on the basis of occupation or severity of impairment, depending on the option selected by the employer.

Capital disability benefits

There are two types of capital disability benefits available to the member.

Occupational capital disability

• This benefit covers the member against the risk of becoming permanently occupationally disabled, resulting in “own or reasonable occupational disability” or “total disability”.
• A 100% benefit is payable and the member retires due to ill-health. The member’s group life benefit will cease.

Progressive capital disability

• A comprehensive capital disability benefit that covers the member against the risk of becoming permanently occupationally disabled, impaired or both.
• Where the impairment results in occupational disability, the same conditions as stated above apply. Where the member is permanently impaired, but not occupationally disabled, the benefit payment could be tiered, with multiple claims being possible up to a 100% benefit.
• Partial claim payments do not reduce the member’s group life cover; however on receiving a 100% benefit the group life cover ceases and the member retires due to ill-health.

Dread disease benefits

Dread Disease benefits, which must be taken in conjunction with unapproved group life assurance, provide a lump sum payment on the diagnosis of a stated dread disease.

Three dread disease benefit options are available:

Living plan

• This benefit will allow claims of up to 100% of the sum assured to be paid on diagnosis of a basic classification of dread diseases as defined.
• This is an accelerated benefit and will therefore reduce the member’s death benefit by the amount of the dread disease benefit paid.

Progressive living plan

• This benefit will allow claims of up to 100% of the sum assured to be paid on diagnosis of a comprehensive classification of dread disease as defined.
• This is an accelerated benefit and will therefore reduce the member’s death benefit by the amount of the dread disease benefit paid.

Progressive living plan plus

• This is the non-accelerated version of Progressive Living Plan. The member’s death benefit will not be reduced by the amount of the Progressive Living Plan Plus benefit paid.
• Claims against any one of the categories only accelerates the sum assured for that benefit category, except for the trauma benefit, that reinstates to 100%.
• Multiple claims of up to 100% per benefit category are therefore possible.

Funeral benefits

Family benefits

The cash lump sum benefit

This benefit pays, with few formalities, a cash lump sum to cover funeral expenses on the death of a member, or a member of their immediate family. This benefit provides cover for the member, one spouse and children up to the age of 21 years. Exceptions to this will be made where a child remained financially dependent on the member after the age of 21.

The benefit amount is specified as a multiple of the following scale:

The body repatriation benefit

The body repatriation benefit will cover transportation of the deceased’s body from the place of death to the place of burial, as long at the body needs to be transported more than 100 kilometres in Southern Africa.This benefit is available to the member, spouse and dependents (up to a maximum of 4 dependents) and is included in the Funeral Benefit at no extra cost to the member.

For more information on this product, please speak to an accredited Liberty Corporate Financial Adviser or contact our Call Centre on (011) 408 2999.