If a participating employer has selected this benefit, the conversion option allows a member who retires or withdraws from the Fund to take out a similar individual policy (life insurance, lump sum disability, or income disability) at their own cost with the insurer with whom they were underwritten whilst a member of the Fund. It is important to note that the conversion option only means that the member will not need to provide evidence of good health when the member takes out the individual policy. The premium charged for the individual policy may differ (and is likely to be higher) than that charged within the Fund.
The trustees have approved two insurance companies, Sanlam Group Risk and Absa Life (“the Insurers”), to underwrite the Fund’s risk pool.
Process for Sanlam Group Risk:
- Details of the Sanlam Group risk conversion option process can be found here.
Process for Absa Life:
- Conversion requests can be submitted to: groupschemesconversions@absa.africa
- An Absa Financial Advisor will contact the member. Absa Life individual life policies can only be written and implemented by Absa’s internal advisors when Absa is the insurer.
- An Absa Life Advisor will be in touch with the member and a single needs analysis will be done. Absa advisors will only request information relevant to the conversion option.
- The Absa Advisor will present the member with a quotation and the application form will be completed should the member accept the quotation.
- Acceptance will be within 1 to 2 business days of submission of all required documentation (Signed quotation, application form, copy of ID).
It is important to note that these processes only apply to benefits that form part of the Fund’s packaged solution. If your employer has an insured benefit exception with another insurer, other than the trustee approved insurers above, you will need to contact your Contracted Benefit Consultant for details on how exercise their conversion option.