MISA introduces the Extended Family Cover Benefit to its members

 

#MISA knows how important it is to give our loved ones a dignified funeral to show our last respects, but realise the Union’s members struggle to pay the premiums insurance companies quote for extended family cover.

 

This new benefit for Gold and Silver members is in addition to #MISA’s existing Death- and Funeral Benefits available to you as the main member, your spouse/life partner and your children up to 18 years of age.

 

Martlé Keyter, #MISA’s Chief Executive Officer: Operations, says it is important for #MISA Gold and Silver members to realise this is a #MISA Benefit and not a funeral policy (subject to specified criteria).

 

The contribution per extended family member is determined by their age, ranging between R50 and R215 per month, with claims subject to 26 weeks’ consecutive contributions (, and 104 consecutive weeks’ contributions in the event of a suicide).

 

Extended family includes:

 

#MISA will grant two thousand (2 000) members on the Silver Option, the opportunity to register three family members to the Extended Family Cover Benefit, to the value of R10 000 per claim.

 

All Gold Option members may register up to six family members, with the option to choose between either the R10 000 or R15 000 cover option.

 

Members who migrate between the various membership options may forfeit and/or receive decreased benefit amounts.

 

At the request of #MISA’s members attending the #MISA Annual General Meetings nationwide and surveys conducted amongst its more than 57 000 members.

 

Keyter and Hermann Köstens, #MISA’s Chief Executive Officer: Strategy and Development, researched extended family cover from established underwriters in the insurance industry.

 

“At the end of the day no underwriter could beat #MISA’s own in-house calculations. It is early days and #MISA would first have to build up a claim history to establish the long term feasibility to roll out the benefit to more members,” Keyter explained.

 

That is why the #MISA National Executive Council (NEC) decided to introduce the Extended Family Cover Benefit from 1 January 2023.

 

Keyter says the introduction of this benefit is a pilot project allowing #MISA to bring financial relief to its members.

 

More information on #MISA’s new and increased benefits to follow.

 

#MISAONTHEMOVE #MISACARES #MISAFAMILY