Frequently asked questions
Quote stage
What is the minimum requirement for a quote request?
We must insure a minimum of 20 members from a company. The annual premium income for all the Group Risk benefits must be at least R50 000. The annual premium income on the funeral benefit is less at R6 000 per year.
What documents are needed to create the quote?
We need a fully completed quote request form and complete membership data from your company.
What is turnaround time on generating a quote?
The turnaround time is three working days for schemes with less than 200 members and five working days for schemes with more than 200 members.
Administration and servicing
What do employers need to provide on a monthly basis to make sure that the scheme information is updated and accurate?
Every month you must send us information about members that are leaving your company or new employees that are joining, as well as any salary changes. This can be sent to us on a schedule compiled in Microsoft Excel. We will give you the requirements for the information that must be included.
Who do I send this monthly schedule to?
The monthly schedule must be emailed to groupinfo@discovery.coza or the servicing officer on the scheme.
By when do I need to submit this monthly schedule?
The schedule must be submitted between the 1st and 15th of the month. If the schedule is submitted on these dates the changes will reflect in the current month’s bill but if the schedule submitted after the 15th the changes will reflect in the following month’s bill.
What is a member group?
Member groups refer to you different categories of employees, for example staff, management and executives.
What is unit rate costing?
The unit rate costing method relates premiums to sum assured by showing the cost per unit of cover. This unit of cover is R1 000 for all benefits except the Funeral and Income Continuation Benefits. The unit rate is R100 of monthly benefits on the Income Continuation Benefit. Funeral cover is never expressed as a unit rate.
What is percentage of payroll costing?
The percentage of payroll relates the premiums to members’ salaries by showing the cost as a percentage of members’ salaries.
What is the payer reference number?
A payer reference number is a unique number allocated to each payer and it is used to record the premiums we receive. It is important to reflect this reference each time you make a payment in order for the monies to be allocated automatically to your fund.
What documents should I complete when changing financial advisers?
We need a fully completed and signed copy of the financial adviser change form. The form must be completed by the employer or the fund administrator.
Underwriting
What is underwriting?
Underwriting is a request for medical evidence from members. Once this medical evidence has been submitted to the satisfaction of Discovery Life, we will provide an underwriting decision for the member. The decision might be to accept the member’s cover, decline cover, load the premiums of the member or exclude the member for a particular medical condition. At Discovery Life Group Risk we provide cover without underwriting up to a limit known as the free cover limit.
How is the free cover limit calculated?
A formula is used to calculate the free cover limit at quote stage taking into consideration the number of members in the scheme. There are other factors that influence the free cover limit, for example, the previous accepted cover, scheme profile etc.
What is SmartService?
We understand how busy our members can be. We have therefore implemented SmartService to make the process of underwriting easier for our members. Nurses or doctors go to the member’s workplace to complete the medical questionnaires, do medical examinations and get blood tests if necessary.
How does SmartService work?
Your financial adviser should let us know that you need SmartService at your company. Our underwriters necessary arrangements with the members and the nurses or doctors to confirm an appointment.
What is the medical evidence period?
This is the period from the date on which the medical evidence was requested to the date of the underwriting decision. During this period the medical evidence must be obtained, submitted to Discovery Life and considered for an underwriting decision.
What is accidental death insurance?
Accidental death insurance provides cover for a member who is being underwritten during the medical evidence period.
What is a deferred underwriting decision?
This means that we will not underwrite a member younger than 35 years of age for the Life Cover and Capital Disability Benefits as long as they have never been underwritten before and their entitled cover does not exceed the set limits.
What is a tolerance underwriting decision?
If a member’s entitled cover exceeds the free cover limit by 10%, but the member has never been underwritten before, we will not send the member for underwriting for the 10% excess cover over the free cover limit.
Claim stage
How long does it take to assess a death or funeral claim?
Two working days
What is the turnaround time to assess Capital Disability, Severe Illness, Income Continuation and Global Education Protector Benefits?
Five working dates
How long does it take to pay a claim once it has been assessed?
Three working days
