Channel Life Insurance

Channel Life Insurance is backed by the financial muscle of Sanlam, one of South Africa`s largest and most established financial services companies, which now owns 50% of the company, as of January 2006. There is a separate listing planned in the very near future on the back of this development.

The insurance products are divided into two separate channels - one for individuals and one for company insurance needs. The individual products include risk cover, personal savings retirement cover and additional income generation products. These products have been specifically tailored to service to broad mass market of previously under-insured people, who have not been able to access the benefits of personal insurance in the past.

On the personal insurance side there is MasterPlan, which is aimed at individuals working in industries, especially farms and factories. It covers hospitalisation, funeral, family funeral and debility, while also containing a retirement savings component. LifeCare is their dread disease cover plan, specifically focused on cancer, but also including cover for accidental death and AIDS. LifeChoice is for income protection, covering things like death and accidental death, retrenchment, disability, dread disease, funerals and AIDS care. Then there is also the DreamWeaver family funeral plan and the Family Funeral Provider.

On the company side, a range of employee group benefit cover is offered, including eventualities such as death, dread disease, disability and family funeral.

There is also a recently launched Channel Assist programme, which provides telephonic assistance for healthcare, legal problems, medical needs and HIV/AIDS prevention and counseling. This programme is offered at excellently affordable monthly rates.