Our Group Insurance Benefits help you, your employees, and their beneficiaries by reducing the financial impact of unexpected life-changing events that could leave them without an income because of critical illness, disability, or death.
- Helps your employees be financially prepared for events that could change their lives.
- Protect employees’ family from financial burden when they are no longer able to earn an income.
- Employees pay for what they need with flexible Group Insurance Benefits.
Why choose Momentum Group Insurance?
We do more than simply pay claims. What makes our benefits unique is the support we provide to your employees and their families, not only when they face difficulty, but in all stages of their lives. We developed a range of services to help employees throughout their life journey.
Wellness Care Centre
Here to help every step of the way
Employees need more support when they become ill or disabled. Our Wellness Care Centre is a multi-disciplinary team that looks after our disability claimants. Everything we do is to help them get the care they need through this unforeseen life event.
Want to know more?
Will all my employees be covered?
You can choose to cover all your employees or a group of employees.
Can employees decide to opt-in or opt-out?
Employees will not be able to opt-in or opt-out.
What is the difference between approved and unapproved benefits?
Employers can opt to provide employees with Group Insurance Benefits by purchasing group insurance through their retirement fund (approved insurance benefit) or outside their retirement fund (unapproved insurance benefit). For unapproved benefits, the insurance premium is taxed as a fringe benefit in the hands of the employee. When the employee receives the benefit, it is tax free.
If an employee leaves your employment, can they keep their Group Insurance policy?
Employees cannot keep their Group Insurance Benefits when they leave your employment, but can convert it to an individual policy with Momentum Myriad with the same benefits.
What are the tax benefits if I offer my employees Group Insurance Benefits?
Employers can only claim a tax deduction on the premiums in terms of section 11(ww)(i) of the Income Tax Act if they are the policyholder and only if the premiums are taxed as a fringe benefit in the hands of the employees.