Simply Financial Services (Simply) has introduced a life assurance product for households that want to offer their domestic workers life and disability cover.
The product, called Domestic Cover, is aimed specifically at employers of domestic employees, comprises life, disability and funeral cover.
Statistics SA’s latest Quarterly Labour Force Survey shows that more than 6% of working South Africans are employed as domestic workers, and more people are employed in private households than in the mining and agriculture sectors combined. If the dependants of domestic workers are taken into account, as many as four or five million people are supported by this sector.
Until recently, there haven’t been many life assurance options for the average domestic worker, with most products limited to funeral cover. As a result of the financial challenges many workers face, they often struggle to keep up with the premium payments, so in many cases their cover lapses and isn’t in place when it’s needed.
Simply says that Domestic Cover can is flexible, with cover able to be customised to a person’s needs and budget. The policies are underwritten by Old Mutual Alternative Risk Transfer, an insurer in the Old Mutual group.