Momentum Group Insurance Review 2022

As an employer, you need to make sure that your employees are productive. Their level of productivity isn’t only a matter of high remuneration but there are other things that can make them more productive such as knowing that their personal needs are taken care of. Making sure that their health needs and families are taken care of makes their lives a lot easier and they become more effective in their roles at work. 

Getting group insurance for your employees is very beneficial in many ways. Employees can get a critical illness cover, death benefit, and disability benefit. Having such benefits for employees is morale-boosting and can work wonders for the good of the company. 

Why Momentum Group Insurance? 

Momentum Group Insurance has been providing insurance packages for the greater good of employees. The Group Insurance from Momentum is an insurance package that can be trusted with a proven track record of successful claims, insuring thousands of employers. 

Momentum Group Insurance has over 6500 employers that have subscribed to their insurance package and the number is slowly but surely moving up. Moreover, the insurance caters to over 1,5 million employees, making Momentum Group Insurance one of the biggest corporate insurers in South Africa. 

Momentum Group Insurance has in the past years, paid out over R2 billion on average per year to cover the death of members or their loved ones. Furthermore, over R1 billion is paid out each year on average for disability claims. This solidifies Momentum as one of the best insurance claims payers in the republic. 

Member employers can access Momentum’s real-time web-based portal on the insurer’s website. This makes it easy for employers to track the progress of the group insurance and whenever there are payments that are due they can be made accordingly. 

Clients get to access Momentum’s award-winning smart underwriting process. Underwriting is done at the place of choice of the employer,  be it at a workplace or elsewhere. All members will need to undergo an underwriting process. 

Claims do not take long. Around 50% of the claims that are made are paid within one day ensuring that members receive money on a timely basis. Furthermore, the company also provides 24-hour counseling services for members of the group insurance and there is also a Disability Centre that can be utilized at any time. 

Momentum Group Insurance Benefits 

Momentum has group insurance benefits that leave main members or their loved ones with income should something happen to them. Employers can make sure that their employees or their employees’ families are taken care of should something happen to the employee. 

The Momentum Group Insurance offers death benefits, critical illness benefits, and disability benefits. These benefits are important in life, when employers get these benefits for their employees, it shows a sign of responsibility and care for the company’s labour resources. 

Momentum Group Insurance Solutions 

Death Benefits 

Our life’s journey ends with death and cannot be ignored. Having a death benefit is one of the smartest things to do while you are still enjoying your days on earth. By taking one or more death benefit(s), you get to leave your family financially stable should you die, giving them an opportunity to mourn in peace. 

Since death cannot be escaped, employers can make sure that their employees get death benefits. This can help employees should their loved one die or help their family cope with finances after the death of the main member. 

Momentum Group Insurance Death Benefits come in a wide range. These include:

• Lump-sum death benefit – pays a lump sum to beneficiaries after the employee passes away.
• Accidental death benefit – pays a lump sum to beneficiaries if the employee dies from an event such as a car accident or violent crime.
• Risk flex benefit – lets the employer choose default multiple for the lump-sum death benefit. It allows employees to decide if they want to increase or decrease their level of cover.
• Funeral benefit – pays if an employee or one of the employee’s family members passes away.
• Children’s Education Benefit – pays should an employee pass away. This money covers the employee’s children’s educational fees.
• Spouse’s and children’s pension benefit – pay monthly income to an employee’s spouse and children when an employee passes away.

Disability Benefits 

Disabilities can cause loss of income and can leave one depressed. Employers can get their employees a disability cover that covers them should they get disabled. A disability cover from Momentum comes with many advantages that the member can utilize. 

Momentum Group Insurance has a number of disability benefits that can help an employee rehabilitate without worrying about finances. Benefits that are available include:

• Lump-sum disability benefit that makes a lump sum payment when an employee is totally and permanently disabled.
• Income disability benefit pays a monthly amount to the disabled employee.
• Temporary income disability benefit pays income for a specific period to the disabled employee.
• Accidental disability benefit is paid when a member loses a part of his/her body.
• Functional disability benefit pays a lump sum payout based on a predefined table to objectively measure a level of disability suffered.

Critical illness benefit

Critical illness benefits help employees cope during a period of critical illness. During critical illness, special medication, special care, and emergency treatment may be needed. With the Momentum Group Insurance critical illness, employees can conquer any financial burden since the benefit pays a lump sum should an employee suffer a critical illness. 

Credit life benefit

The Momentum Group Insurance Credit life benefit helps employees or their loved ones cope with credit payments should anything happen to the employee. Should an employee become critically ill, disabled or pass away the Momentum Group Insurance credit life benefit will pay a lump sum to take care of the employee’s debt. 

Conclusion 

Momentum Group Insurance solutions are some of the best solutions for a group in South Africa. Employers are now able to motivate their employees by taking group insurance to insure the lives of their employees. This approach is a motivator for workers and can easily boost the morale of the workers in the process increasing the production capacity without adding any further labour.