Need to change your risk benefits?

Do you wish to change your risk cover category?

As your need for risk cover could change, you have the option to change between the available risk categories:

  1. Annually before 30 April for implementation 1 July 2014.  You will be required to pay a nominal administration fee.  The completed form and proof of payment of the administration fee needs to reach the Fund before 30 April.
    Mr Beukman
  2. You will also be allowed to change your risk category in the Fund free of charge in the event of the following:
  • On marriage or divorce

Why would you consider making a change at this time? 

Changes to your marital status can also indicate changes to your dependants list.  When you are faced with one of these important life events, it is important to check that you have amended your risk cover to make provisions for those counting on you.

  • On the birth or death of a child

Why would you consider making a change at this time? 

The birth or death of child has a direct impact on the number of people that are dependent on you.  This important event requires you to either increase or decrease your risk cover to ensure that your dependent children are looked after in the event of your untimely death.

  • On the death of a spouse

Why would you consider making a change at this time?

The death of a spouse could have a direct impact on a family’s financial well-being.  You might find that you need to increase your risk cover to ensure that you as the sole breadwinner and your dependants are looked after.

  • At the ages 40, 50 and 60

Why would you consider making a change at this time?

As you become older, your dependants become more independent.  This allows you to review your risk cover and possibly start reducing the amount of risk cover you have so that you can save more towards retirement.

  • When a child reaches majority

Why would you consider making a change at this time?

As your child enters adulthood, they become more “self-supporting” which allows you to review your risk category and look at saving more towards your retirement.

  • When a member’s employment contract changes.

Why would you consider making a change at this time?

Changes to your employment contract could have a direct impact on your monthly salary and employee benefits available to you. Taken this into account, please ensure that you have chosen a risk category best suited to your personal needs.

Proof of the event, e.g. a certified copy of the birth certificate, must be provided together with the risk option change form. Please submit your request to change within two months of the event.

It is important to note that certain conditions apply in terms of the policy conditions.  If the cover is increased the insurer may request additional medical information.

Download Benefits Brochure
Download Change Risk Benefit Form