The findings of the 2017 Old Mutual Disability Monitor show that recent economic challenges, along with rising lifestyle concerns, are resulting in an increasingly stressed workforce, putting South Africans at a high risk of injury and illness.
As a result, Lumondt Kritzinger, Head of Old Mutual Group Assurance, says that hard-working South Africans are finding it increasingly costly to safeguard their income in the event that they are ill, injured or disabled. “In fact, if things carry on the way they are, benefits that are vital for families in times of difficulty could become too expensive for most employers and employees.”
This is what has driven the launch of an enhanced range of income protection benefits called Well4Work, says Kritzinger. “The offering is unique in the income protection market because, firstly, it is very much focused on affordability; and secondly, Well4Work is designed to help and encourage ill, injured or disabled employees to recover as quickly as possible so that they can get back to earning an income.”
Kritzinger says that the focus on affordability has resulted in a range that offers additional flexibility. “While competitors list benefits and tell you what each one does, we highlight what each available benefit is there for, but understand that not everyone can afford the whole range. As such, we allow employers and employees to structure the benefits they need at a cost they can afford.
“What’s more, all the Well4Work benefits are underpinned by Old Mutual Group Assurance’s Integrated Wellness approach, which helps employers reduce their exposure to the risk of many disability claims and limits the financial impact of claims on their business,” he explains.
Kritzinger says that the flexible, affordable, needs-driven benefits offered by the Old Mutual Well4Work range show their commitment to providing all South Africans with income protection. “We remain committed to making sure that all working South Africans have access to the affordable, effective income protection benefits they need to safeguard their finances should they find themselves unable to work due to illness, injury or disability.
“For more information about the flexible and affordable benefits in the Old Mutual Well4Work range, visit www.oldmutual.co.za/Well4Work OR speak to your Old Mutual Corporate Consultant,” he concludes.
About Old Mutual Corporate:
Old Mutual Corporate provides retirement fund solutions through their award-winning umbrella platform, pre & post retirement investments, group risk solutions, financial education, and balance sheet solutions, including a holistic consulting capability through Old Mutual Corporate Consultants. These are provided to a broad range of public and private organisations and institutions from SMEs to large corporates. Visit http://www.oldmutual.co.za/corporate for more information.