Other Services | Koopkrag

Finance

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Koopkrag takes care of your financial needs with speedy service and competitive interest rates.

Contact us on lenings@koopkrag.com for more information

Life Insurance

Group Life Insurance with
Momentum

Only for applicants under 54 years of age.

Feel free to download our Application document and sign up.

Funeral Insurance Under 60

Group Funeral Insurance with
Momentum

Only for applicants under 60 years of age.

Funeral policy for a family.

Members who participate in the group funeral insurance and any members of their immediate family, i.e. the member’s spouse, and/or any minor, single children (including step and legally adopted children) qualify for this insurance.

Death Benefits 
On death of participant, Momentum will pay the costs of a funeral/cremation up to the following maximum amount or the equivalent cash amount.

Standard Premium (monthly) R15.60 R20.40 R28.60 R40.80 R62.00 R83.00 R124.50
Cover on death of:
Main member, spouse & children 15 to 20 years R4000 R5000 R7000 R10000 R15000 R20000 R30000
Children 6 to 14 years R2000 R2500 R3500 R5000 R7500 R10000 R15000
Children under 6 years (incl still-born) R1000 R1250 R1750 R2500 R3750 R5000 R7500

There is no limit to family size. The surviving family members will after the death of the main member receive a fully paid-up funeral policy that will provide the family and any children born to the main member after his/her death with the same benefits on their death as would have been applicable to them under the scheme.

Accident benefit 
If a participant who is at least 14 years old dies as the result of an accident, the funeral benefits payable under the above table will be doubled. The accident benefit expires when the member reaches age 65.

Disability benefit 
If the main member is totally and permanently disabled so that he/she is prevented from following any occupation before reaching age 60, the main member and his/her family will be entitled to a fully paid-up funeral policy. This will provide them with the same benefits on their death as would have been applicable to them under the scheme. This does not apply to a main member with less than one year’s membership, unless disability results from an accident.

Funeral policy for a single person

Death Benefit 
On death of participant, Momentum will pay the costs of a funeral/cremation up to the following maximum amount or the equivalent cash amount.

Standard Premium (monthly) R7.00 R9.20 R12.90 R18.40 R27.90 R37.50 R55.80
Cover on death of:
Single person R4000 R5000 R7000 R10000 R15000 R20000 R30000

Accident benefit 
If the participant dies as the result of an accident, the funeral benefit payable under the above table will be doubled. The accident benefit expires when the member reaches age 65.

Disability benefit 
If the member is totally and permanently disabled so that he/she is prevented from following any occupation before reaching age 60, the member will be entitled to a fully paid-up funeral policy. This will provide him/her with the same benefit on his/her death as would have been applicable to him/her under the scheme. This does not apply to a member with less than one year’s membership, unless disability results from an accident.

GENERAL RULES

A member will be allowed to change his benefit by choosing one of the available benefit categories in writing. The following conditions will apply:

  1. The member must be younger than 60 years of age on the date that the newly elected benefit category becomes effective.
  2. The newly elected benefit category will only come into effect six months after the date of its implementation. However, should the member die due to an accident during this six months period, the claim will be settled by the Insurer according to the newly elected benefit category.
  3. The newly elected benefit category will only come into effect once the Insurer has accepted the member’s personal medical declaration.

Premiums 
The premiums are payable monthly and will be paid over to Momentum Life by Koopkrag.

Funeral Insurance Over 60

Group Funeral Insurance
with AVBOB