Fiduciary technology company and online wills platform owner CliqTech and financial services provider Fedgroup Life have launched its SmartCover life insurance product, which will ensure beneficiaries receive at least partial payment of insurance within 48 hours of a claim being submitted.
This will help families cover immediate expenses, such as funeral costs, school fees, groceries and living expenses, the companies say.
The product will help to alleviate the financial burden on loved ones while dealing with a person’s death. When the estate is finalised, the remaining portion is paid out to cover property transfer costs, capital gains tax, executor’s fees and estate duties.
“The SmartCover product, the result of our partnership with Fedgroup Life, making Fedgroup an integral part of the SmartWill process, is a South African digital product that offers insurance cover in addition to a personalised online will. The cover is available to all customers that sign up for a SmartWill," says CliqTech CEO Zale Hechter.
Through the SmartWill SmartCalculator, a customer’s risk exposure can be calculated within minutes and provide customers with Fedgroup-underwritten insurance cover at the time of death at exceptional rates, he adds.
In addition to a SmartWill and SmartCover policy, the partnership also offers a policy holder a SmartWish. This innovative benefit allows a policy holder to leave a wish behind after he or she passes on. This personalised wish could be for a family holiday or remembrance trip, or a donation to a charity of choice or another important cause.