A guide on how to optimally structure your employee benefits to provide a financially sound future for your employees through Discovery Life.

Transcription

1 A guide on how to optimally structure your employee benefits to provide a financially sound future for your employees through Discovery Life.

2 DISCOVERY LIFE CAN HELP YOU PREPARE YOUR EMPLOYEES FOR LIFE S UNCERTAINTIES As a company, human capital is your biggest investment and resource, determining your performance and success. It s important that you look after your employees personal interests, helping them protect their financial future and the future of those who are financially dependent on them. Employee benefits present a highly effective way of developing a strong relationship with your employees, allowing you to manage the risks involved in employee absence, illness or death. Discovery Life understands the risks and costs associated with offering a comprehensive employee benefits package and that as a company you have to: Attract, recruit and retain the best employees; Demonstrate a duty of care to your employees and their families; Encourage your employees to become healthier and enhance their productivity; Provide financial support in the event of absence, illness or death; and, Comply with the Labour Relations Act. We offer a structured employee benefits solution designed to protect your company against any uncertainties as a result of the death and disablement of your employees, providing you with a cost-effective and sustainable solution that grants your employees complete peace of mind. Your employees will experience the much needed sense of security that they will be taken care of in the event of illness, injury, disability or death. Discovery Life will provide you and your employees support through: A lump sum payment to provide for the future needs of the dependants plus education payments to ensure that your employee s children continue their education; Financial assistance to lessen the impact of absence due to illness, injury, disability or death; Rehabilitation and support to get your employees back to work as soon as possible. In this sales brochure Welcome to Discovery... 2 An introduction to Discovery Life and the key attributes that have made us successful. Why Discovery Life is the ideal partner for you... 3 Information on how your company and employees can benefit from Discovery Life s offering. Structuring your employee benefits plan (Discovery Life s product range)...4 A process summary of Discovery Life s product range and how you can structure an optimal employee benefits plan. How to secure cover from Discovery Life for your employees...6 A description of the process to be followed when securing cover for your company with Discovery Life. 1

3 Welcome to DISCOVERY Founded in 1992, Discovery is a leading multi-national financial services institution based on the principle of making people healthier and enhancing and protecting their lives. With the head office in South Africa, Discovery has a network of operations in the United Kingdom, China and the United States of America. Our approach to financial products is highly differentiated and forward-focused where our entire product offering is integrated with our wellness programme, Vitality. It is through this integration that Discovery can provide unique and innovative products with superior benefits all while delivering remarkable, award-winning service. Discovery Life Discovery provides employee benefits and risk management services through Discovery Life. Launched in 2000, Discovery Life has acquired significant knowledge in financial services and risk management that allows us to offer our corporate clients world-class products with unique features and benefits that go beyond traditional employee benefits. The first South African insurer to separate risk from investment and pioneer products that address individual lifestyle needs; Discovery Life has set a revolutionary market precedent that has saved South African consumers billions making us the fastest growing risk insurer, with over lives protected. Black Economic Empowerment (BEE) Discovery is committed to transformation in our business and in South Africa. An important part of our success is our role in the South African economy and what we do to stimulate and sustain growth. We have seen a consistent improvement in our BEE transformation process over the last few years, with our scores steadily improving. Discovery is a level three (3) contributor according to the Department of Trade and Industry Codes of Good Practice. 2

4 WHY DISCOVERY LIFE IS THE IDEAL PARTNER FOR YOU Our innovative approach, coupled with our customer-orientated strategy, assures you of superior performance. We know that flexibility and competitive pricing are important when it comes to employee benefits and we have carefully tailored our products to reflect these needs. WHAT WE OFFER YOUR COMPANY WHAT WE OFFER YOUR EMPLOYEES FLEXIBILITY Customised for your convenience. As an employer, you can decide when and for how long benefits should be paid. You can also decide who should be covered, the basis of the benefit and which extras you want to include. COMPREHENSIVE VALUE We offer real value for money. We offer relevant and competitive pricing for comprehensive benefits that add value to your company. CUSTOMISATION We can accommodate any scheme, no matter the size. We tailor our product to your company s needs, based on an accurate risk assessment. This ensures that you obtain value for money. Each scheme is unique and we offer comprehensive quotations so you can compare the cost and suitability of all the different options. SERVICE We provide fast, efficient and seamless service. We set tight deadlines for the turning around of quotations, new scheme documentation, monthly billing and general correspondence. We have a high success rate in achieving these deadlines. EXPERTISE We have a wealth of experience and knowledge. Our business model allows us to make the most of our innovation, employee capacity and company capabilities, whilst providing you with accessible teams with significant experience and combined knowledge. INNOVATION Innovation is at the heart of our business. We continuously develop new ideas that evolve from our experiences with clients and the challenges employees face in the workplace. BRAND Discovery is one of the best known brands in the industry. Your employees will definitely be familiar with Discovery. Although we are best known for being South Africa s leading provider of medical insurance, we are also leaders in writing life assurance. CLAIMS and support We pay claims quickly and fairly. Our aim is to save your employees from unnecessary delays by providing a streamlined claims experience that proactively identifies possible claims, utilises the latest technology in assessing these claims and ensures that claims are settled quickly and fairly. Employees also have access to counselling and rehabilitation, accelerating their recovery and enabling them to return to work where possible. COMMUNICATION We place a strong emphasis on communication. Discovery Life continuously and consistently aims to educate and empower your employees on their employee benefits. We do this through various communication channels and platforms. VITALITY We encourage employees to improve their health. Discovery s science-based wellness programme, Vitality, engages employees to improve or maintain their health, while enjoying enhanced cover. The healthier they become, the more Vitality will reward them and the more productive they will be in the workplace. 3

5 STRUCTURING YOUR EMPLOYEE BENEFITS Plan There are a number of factors to consider when planning and designing an employee benefits solution for your company. The model below will assist you with structuring an optimal employee benefits plan by helping you understand how Discovery Life products can offer protection to your employees. The LIFE PLAN is the base that provides your employees with cover for an entire spectrum of health and financial risks, including severe illness, disability and death. To create a Discovery LIFE PLAN that meets your company needs, you can purchase the Life Cover Benefit, the Income Continuation Benefit, or both. establish Determine your company s employee benefits needs. Working together with your financial adviser, Discovery Life assists you in establishing your company s employee benefits needs. Once you have selected how much you can contribute to ensure your employees are well looked after, we can help you determine a sustainable rate that supports your company policy. You decide how much life cover you will need for each level of employee (as a multiple of the employee s annual salary). This amount will become their LIFE FUND, which is the financial mechanism for their LIFE PLAN. COMPANY OFFERING ONLY Core CORE Benefits allow the employer to cover the most essential employee risk needs. Employers define the benefit structure and provide the necessary contribution for the benefits selected. Employers select the Life Cover Benefit, the Income Continuation Benefit, or both for employees. LIFE COVER BENEFIT* Pays a lump sum in the event of your employees death, giving their families the financial support they need. The Life Cover Benefit consists of the Global Education Protector and Mortgage Protector. Global Education Protector If an employee dies, this benefit pays an annual amount for the education of his or her children. LIFE PLAN The LIFE PLAN is the foundation of the Discovery Life Cover. INCOME CONTINUATION BENEFIT* Pays a monthly income if the employee experiences a loss of income after an injury or illness leaving them incapable of working. The Comprehensive option allows a 100% upgrade on permanent disability. The Contribution Protector, Performance Bonus Protector, Dynamic Spend Protector and Mortgage Protector are all available through the Income Continuation Benefit (dependent on the Core or Comprehensive option selected). Contribution Protector Pays the employee s monthly contributions for selected Discovery products and other health plans. Performance Bonus Protector Pays up to 75% of an employee s past bonuses if they become permanently disabled. Dynamic Spend Protector Benefit dynamically enhances your employees benefits through DiscoveryCard, boosting discounts and cash backs. Vitality is a wellness programme that empowers employees to improve their health the healthier your employees are, the more Vitality rewards them and the greater their productivity in the workplace. Selected benefits are underpinned by Vitality. Vitality can be accessed where at least 50% of employees covered by the Discovery LIFE PLAN are on the Discovery Health medical scheme. * * Mortgage Protector When you choose the Life Cover Benefit and the Income Continuation Benefit, your employees automatically qualify for the Mortgage Protector. This benefit will pay the employee s monthly bond repayments for up to 24 months if they become disabled or die, the number of instalments paid will depend on the employee s Vitality status. Enhance Employers can enhance their employees cover. Research has shown that offering comprehensive benefits that meet the needs of employees are important in staff retention strategies. To successfully fulfil these strategies, research shows it s important to offer benefits that are relevant and add value to employees. COMPANY OFFERING ONLY PLUS PLUS Benefits allow the employer to offer additional benefits to their employees. Employers can purchase any of the following benefits to cover additional employee risk needs: Funeral Cover Benefit Severe Illness Benefit Capital Disability Benefit Funeral Cover Benefit Provides a lump sum payment to cover the cost of a funeral in as little as 48 hours. The employee and their family are covered. Severe Illness Benefit Provides a lump sum payment against the impact of a severe illness. Covers all major physiological and anatomical systems. Capital Disability Benefit Pays a lump sum payment to employees to ensure they remain financially secure in the event of them becoming disabled (based on objective and fair criteria). Extend Employees can voluntarily purchase select benefits at their own cost. We understand that individuals have more needs than you can cover as a company, and at their own cost, they can extend their cover. Individual OFFERING ONLY FLEX Through FLEX Benefits, employees can extend their risk protection and add more cover at their own cost. Employees can purchase any of the following benefits: Life Cover Benefit Severe Illness Benefit Capital Disability Benefit LIFE Cover Benefit Pays a lump sum in the event of your employees death, giving their families the financial support they need. Severe Illness Benefit Provides a lump sum payment against the impact of a severe illness. Covers all major physiological and anatomical systems. Capital Disability Benefit Pays a lump sum payment to employees to ensure they remain financially secure in the event of them becoming disabled (based on objective and fair criteria). Continue Employees can continue their life insurance benefits after leaving your company. Individual OFFERING ONLY All CORE, PLUS and FLEX benefits end on resignation, retrenchment, retirement or age 65. However, because Discovery Life is designed to accommodate the dynamic needs of its policyholders, the employee can select the Continuation Option Benefit, allowing him or her to take out an individual LIFE PLAN with Discovery Life offering the same benefits. 4 5

6 HOW TO secure COVER FROM DISCOVERY LIFE FOR YOUR EMPLOYEES Discovery Life makes the designing and implementation of an employee benefits plan simple and trouble-free. You can be assured that we will support your company from the employee benefits needs-analysis stage to the planning, implementation and administration of the scheme. COMPANY NEEDS-ANALYSIS We understand that companies face a myriad of challenges. We will meet with your company s financial adviser to determine your employee benefits needs and tailor a package that best meets those needs. PROPOSE SOLUTIONS We consider your risk profile and the associated costs, ultimately delivering a product that suits your requirements and offers real value. COMPANY SUBMISSION After receiving the required documentation with the scheme and intermediary details, member details and benefit structure, our Discovery Service Consultants will generate a quote based on the information provided. QUOTE Your company s financial adviser will receive a quotation with the proposed costs. APPLICATION FORM On acceptance of the quote, your company must complete and submit the application form with the required documents. INSTALLATION PACK You will then receive an installation pack that details your administrative requirements (monthly billing, premium payment requirements, etc.). SUPPORT AND COMMUNICATION We assist your company in promoting the benefits to your employees through specific and targeted channels, from brochures to online and audio visual elements. We continuously communicate with employees to educate, empower and familiarise them with the measures your company has taken to protect them, their families and their assets. WEB-ENABLED FUNCTIONALITY The You and Your Family zone on provides your employees with access to their Discovery Life information at any given time, allowing them to interact with Discovery Life at their convenience. They can view their benefits and cover, the claims process and access claim forms amongst many other features. CONTACT DETAILS You are welcome to contact us using the following channels. Contact centre: GROUP ( ) groupinfo@discovery.co.za Website: 6

7 Physical address: 155 West Street, Sandton Postal address: PO Box 3888, Rivonia 2128 Contact centre: GROUP ( ) Fax number: (011) groupinfo@discovery.co.za Discovery Life is an authorised financial services provider. Registration number 1966/003901/06. GM_16605DL_12/07/2012