TEBA and Old Mutual Will have partnered up to address the lack of wills and testaments, as well as the issue of financial inclusion within a significant portion of the country.
Old Mutual Will was born from NEXT176 which is Old Mutual's innovation and strategic partnerships unit.
Through this partnership, TEBA, a financial services outfit aimed at mineworkers, will now offer its employees and customers access to the TEBA branded Digital Wills which gives them the power to protect their estates.
The offering from Old Mutual and TEBA seeks to provide accessible solutions to people which will allow them to safeguard their legacies and address the financial burdens associated with death expenses.
Close to 70% of South Africa’s working population don’t have a Will and this can expose their loved ones to the burden associated with administering an estate that does not have a Will.
Funeral expenses, executor fees, estate duties, and other administrative costs can be overwhelming for the family members that are left behind. TEBA and Old Mutual aim to bridge this gap through the solution that they are offering.
TEBA offer a number of essential services to current mineworkers and their extended families, such as financial, human resources, health, and community development offerings.
Thabo Gumbi, head of Commercial at TEBA said: “This partnership with Old Mutual allows us to make a real difference in the lives of South Africans by providing them with essential tools for transferring wealth intergenerationally.”
“We believe in the power of financial inclusion and are proud to provide accessible solutions to empower South Africans with financial security,” said Hilton Michels, CEO of Old Mutual Will.
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