In an economy facing a shrinking disposable income and personal life insurance is fast becoming an afterthought, the importance of employer assisted insurance schemes has never been more critical. Employer assisted schemes can help employees prepare for the different stages of their lives and that of their families. These schemes help ensure that in the event of their death, their dependants can continue living a normal and comfortable life.
Zimnat Life Assurance is offering employers several solutions to help them make their employees better by ensuring they live their best lives without worrying about tomorrow because Zimnat Life will take care of everything.
Group Life Assurance Schemes.
The Zimnat Life Group Life Assurance Plan is an insurance scheme an employer can take out to cover the lives of employees. The scheme ensures that a lump sum payment is made to the beneficiaries of an employee who passes on. It is worth to note that the benefit is only payable if the employee passes on whilst in the service of the employer. The employer is responsible for paying the premiums for this insurance cover.
The lump sum benefit due to the surviving dependants is paid as a multiple of the employee’s annual salary. In addition to the above stated benefits the employer has the option of adding more benefits to their employees’ covers such as cover for total and permanent disability. Furthermore, employers can add the group funeral insurance which can guarantee their employees get a decent funeral in the event of their untimely passing.
A pension fund can be defined as a financial vehicle to which the employer and employees contribute for the ultimate financial benefit of the employee and his family at retirement, retrenchment, death, disablement or termination of employment. Many people are scared of retirement because they do not have a financial back-up plan. Pension funds can help you stay in control of your life, as if you never left employment. The Zimnat Employee benefits scheme also offer employers the opportunity to contribute to a pension fund for their employees guaranteeing them of a comfortable life after retirement.
Credit Life Protection
The Zimnat Life Credit Life Protection scheme ensures that Zimnat Life Assurance will meet the financial obligations due to the employees in the event of their death or permanent disability. Debt settlement is one of the most difficult adjustment for most dependants in the event of the breadwinners’ death or incapacitation, and the Zimnat credit life protection scheme was developed to ease such burdens.
Settling of mortgages in the event of the death of the breadwinners is a common predicament that several families are going through. With the Zimnat Mortgage Protection scheme, employers are guaranteeing the settlement of outstanding mortgage balances of their employees in the event of their permanent incapacitation or untimely death. Zimnat life guarantees payment of the outstanding mortgage balance in the event of the death or total and permanent disablement of the borrower who was insured under the mortgage protection scheme. With this policy employers enable their employees’ surviving families to retain ownership of property in the event of the death of the employee without fear of such properties being repossessed.
Pension Funds and Group Life Assurance schemes are very useful safety nets for the future, however despite their benefits they an employer’s attempt to providing the bare minimum cushioning. Sound individual financial planning cannot be an afterthought if one wants to guarantee a comfortable life for their dependants. Taking the time to speak to a Zimnat Financial advisor is the first step towards financial freedom and comfort that everyone needs.
To ensure the maximum benefit of these schemes, there is need for a constant review of your financial plan to match the economic environment. One must constantly review their plans to align with the changing needs of the future.
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