New financial services provider MobiLife has officially entered the insurance space with a number of innovative industry firsts, and is set to shake up the insurance industry. The company has launched FoodSuranceTM, the first life cover in Africa that will pay out a weekly grocery voucher to families for up to five years after death of the policyholder. MobiLife is also Africa’s first 100% mobile financial services provider, providing insurance cover simply through your smartphone.
With MobiLife, policies will never lapse even if you skip a couple of premiums. You will still remain covered even if you pay only once a year – another first in South Africa.
“We want to offer South Africans from all walks of life practical solutions to make life insurance accessible, easier, faster and affordable. Our objective is to help more South Africans become insured, so they are able to look after their families when they need it the most – when they are no longer around to do so themselves,” says Frank Schutte, MobiLife Founder and CEO.
MobiLife offers two standalone products, the MobiLife FoodSurance plan and the MobiLife funeral plan. According to Schutte, while there are hundreds of life policies and funeral plans available in South Africa, the few that do make provision for a grocery benefit do so only for the funeral itself.
“But what happens to the family after the funeral? Who will put food on their table?” asks Schutte.
FoodSurance is designed to provide a practical solution to address day to day family needs after the loss of a breadwinner, and to ensure that families do not go hungry in a difficult time.
After the loss of a FoodSurance policyholder, beneficiaries of the deceased will receive a weekly grocery voucher via SMS for between one and five years. These vouchers can be used at Shoprite Checkers, Pick n Pay and Boxer stores. Vouchers don’t expire and can be used as and when beneficiaries want to use them.
FoodSurance is the world’s first policy of its kind, and continues the proud tradition of South African innovation in financial services.
“FoodSurance is really about letting your love for your family live on,” highlights Schutte.
You can take out FoodSurance cover or the MobiLife funeral plan in less than three minutes on your smartphone. There is no paperwork, no medical tests and no need to talk to brokers or agents. This means costs are significantly reduced and premiums start at only ZAR49 per month.
The MobiLife funeral plan is also unique. It is the only funeral plan in South Africa at present that allows you to skip premiums whenever you need to, while still providing some cover – even if you only pay one premium a year! MobiLife is the only company that will never lapse your policy.
Schutte points out that in 2015 the long-term insurance industry in South Africa lapsed over six million policies. This means six million people who have paid premiums will never receive a policy benefit, and so lost all the contributions made in previous years.
“At MobiLife we understand that in the 2016 economy money is really tight, and that in some months people can be strapped for cash and may need to miss a premium or two to get back on their feet. At MobiLife we still provide cover to our customers even when they miss a number of premiums,” explains Schutte.
For more information log on: www.mobi.co.za.